The cryptocurrency has been on a downtrend for a while now; the pair just got 12.39% gains in three trading sessions,
The relative strength index is currently at 38%, which could start driving the price up as the markets react. Our parabolic SAR indicator suggests that the price will continue to go down; however, this is a lagging indicator, we could see some more gains for the pair in the short term.
The Bollinger bands are open, and we could see higher volatility in the subsequent few trading sessions, which is much needed. Short and long-term moving averages are still moving down, but there is a slight stop to that drop; this indicates that the price might have a recovery soon.
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.