The cryptocurrency made a comeback, and now the price is consolidating at the $ 3,200's level. The pair has been moving within an 11% range and is now struggling to continue the uptrend as it's finding a resistance at $3,350.
The pair broke the 50% Fibonacci retracement on an uptrend, which puts the general trend upwards; the price is finding a support level at this retracement and will likely continue to move up in the short term.
The Bollinger bands are closing up aggressively and volatility should be lower than previous sessions, the price trades in the middle of the bands suggesting that the price is adequate.
The relative strength index is at 59%, which will allow the price to continue moving up in the short term and potentially break the resistance at $3,350. Our parabolic SAR supports this signal.
Shor and long-term moving averages continue to increase, and the spread between the lines is expanding, suggesting that an uptrend is expected. The price might find a few pullbacks in the journey. Still, generally speaking, the uptrend should continue.
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