The cryptocurrency has been moving sideways for the last 13 sessions and is unable to finish the consolidation period through a breakout. The pair is finding a strong resistance at $4,131 which is our 23.6% Fibonacci retracement and strong support at $3,367 in our 38.2% retracement.
The Bollinger bands continue shrinking and volatility is expected to be even lower in the next few days. We are seeing a normal behavior as the holidays are usually slow in the markets, in a week we might start seeing bigger movements and more trading opportunities.
The relative strength index is at 46% which is a very neutral level, it has remained almost unchanged for the last 13 days as the price was not moving much and there is no clear trend for now.
We love to hear new ideas from traders and want to know what you think!
If you like this topic and want to suggest future topics that you find helpful, let us know by clicking the ‘submit your feedback’ button below.
Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite.
Nothing contained in this website should be construed as investment advice. Any reference to an investment's past or potential performance is not, and should not be construed as, a recommendation or as a guarantee of any specific outcome or profit.
