The cryptocurrency took a big hit on September 7th; it lost more than 20% in a single trading session. The price has a strong correction and is now looking like a consolidation around the 1.07 levels. The pair recently broke two support levels and is fighting to stay above the 38.2% Fibonacci retracement. We could say there is market uncertainty as to the price trades inside the Ichimoku cloud; however, the cloud indicates an uptrend, and the price could be exiting it very soon.
The Bollinger Bands are opening up, indicating higher volatility. We could see a big move after the price consolidation at the 1.07 levels. The short and long-term moving averages are about to cross, suggesting a downtrend; we are getting mixed signals from our indicators that suggest strong movements in the upcoming days.
The relative strength is at 47%, which will give the price the ability to move in either direction; the RSI has been steady at that level for the last 12 days.
Our parabolic SAR suggests that the downtrend will continue in the short term.
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