The cryptocurrency seems to be recovering important ground after being in a downward trend where the pair lost almost 32% in just a few weeks. The price managed to stay above the 38.2% Fibonacci retracement and aims to break the resistance at $3,040 on our 50% retracement.
The pair is still at risk as the general trend continues to be downward, the short and long term moving average lines are trading above the current price level, there was a crossing just a few days ago that indicates a downtrend, the asset seems to be recovering, but we would have to wait and see if it can complete the breakout on the $3,040’s
The Bollinger bands are wide, and we should have high volatility. The price is currently trading inside the Ichimoku cloud, suggesting that the markets are uncertain. The relative strength index is at 46%, which would enable the price to move in either direction.
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