The cryptocurrency temporarily broke the resistance level at $149, the previous high since June 22nd.
The relative strength index got very close to entering an overbought status, making investors react and close their long positions. The fall in price will likely allow the pair to attempt another breakout of the $149 level in the short term; we will have to wait and see how much the price retraces.
The Bollinger bands are closing, and volatility should be lower than previous sessions; the price trades closer to the upper band, and it's close to being considered relatively high, potentially making the price fall a bit more before a new breakout attempt.
The price trades inside the Ichimoku cloud, and traders might see this as market uncertainty; it's possible to see the price inside the cloud for a few more sessions. Our parabolic SAR indicator suggests that the uptrend will continue; however, this will take some time as other indicators suggest the opposite.
The short and long-term moving averages crossed, indicating that the general trend is now upwards; the price will likely find more pullbacks in the medium term.
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.
