The cryptocurrency continues moving laterally in the 1.1 levels, the price is consolidating, and it's been a long wait with not a lot of actions; price has only moved up and down in a range with no breakouts or defined trend.
The Bollinger bands continue closing up, which will bring even lower volatility to the pair; the price trades inside the Ichimoku cloud, which is also a sign of market uncertainty. The pair found a strong support level at the 38.2% Fibonacci retracement of $1.06996.
The relative strength index is currently at 52%, which will allow the pair to break in either direction. We would have to wait to see if the support is strong enough to hold the price above 1.06.
Our moving averages indicate that the trend is downwards as the price trades below the short-term MA; however, the price is very close to this line, and things can change pretty quickly in the crypto world.
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.
