The cryptocurrency lost the gains it had previously obtained in just one trading session breaking the support level at $103.55 from our 23.6% Fibonacci retracement. The price trades below the short and long-term moving averages, suggesting that the downwards trend is likely to continue for short to mid-term.
The Bollinger bands are wide enough to expect high volatility; the pair is trading closer to the lower band, suggesting that the price is relatively low. That lower band could act as a strong support level in the short term to prevent further losses.
The relative strength index is at 39%, theoretically allowing the pair to lose some more ground before the pair starts recovering some ground. Our parabolic SAR indicator suggests that the price will move upwards in the short term. We are getting mixed signals and would like to wait for a clear trend in order to place a trade.
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