The cryptocurrency started moving sideways, indicating that a consolidation period can be expected in the short term; the price has been moving within an 8% range for the last five trading sessions.
The Bollinger bands are closing up aggressively, which strengthens the consolidation phase, we set our support at $1,912 and the resistance at $2,085. It is likely that after the consolidation phase, the price will break one of these levels, and the trend could continue in the same breakout direction.
The relative strength index is at 32%, which is very close to reentering the oversold status, allowing the pair to freely move upwards in the event of a rally. Our parabolic SAR indicator suggests that the price will move upwards in the short term.
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