The cryptocurrency had a four-day winning streak. After being unable to break the resistance at $149, it fell and is currently 10.83% down from that level.
The relative strength index is at 40%, and it did not risk entering an overbought status when it started dropping. The current RSI will allow the pair to continue falling in the short term.
The Bollinger bands are somewhat wide, and we can expect high volatility over the next few days. The pair could find support at $119. If the price falls, we would have to see where that leaves the RSI to make a trading decision.
The short and long-term moving averages are still moving down, indicating the continuation of the downtrend. The spread between the lines is expanding, which is another downtrend signal.
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.
