The cryptocurrency entered a downtrend in early April, the pair has lost over 22% since. The pair found strong support close to the 78.6% Fibonacci Retracement. The general trend continues to be downwards for the short to medium-term.
The short and long-term moving averages crossed 10 sessions ago and the price continues trading below both MA lines, suggesting that the price is likely to continue falling.
The Bollinger bands are mildly narrow and moving downwards, strengthening the short signals, the good news is that the asset is trading very close to the lower Bollinger band, which suggests that the price is relatively low, incentivizing investors to take long positions.
The relative strength index is at $36% which in theory will allow the pair to drop a bit more before it can start moving upwards. The resistance level is at $2,913. Our parabolic SAR indicator suggests that the price is likely to fall in the short term.
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