The cryptocurrency put an end to an eight-day losing streak after it reached the $40.37 level, its lowest in almost two years. The short and long-term moving averages are diving and even then, the price is still under both MA’s strengthening the Sell signals; although the price might have reached its lowest point for now.
The Bollinger bands are wide and volatility should be higher in the upcoming trading sessions, the pair is currently trading close to the lower band, suggesting that the price is relatively low, which could push investors to start placing long positions and boost the price up.
The relative strength index is at 29%, which is within the oversold status, it might get above 30% in the short term once the price starts climbing again; however, the support level could be tested once again. Our parabolic SAR indicator suggests that the price is likely to continue falling.
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.
