The cryptocurrency is on a two-day losing streak after it was unable to complete the breakout on the 23.2% Fibonacci retracement at $0.79439. The pair is down 3.4% in the last two sessions.
The Bollinger bands are closing up again and this will bring lower volatility to the pair in the short term, the price trades below the short and long-term moving averages, suggesting that the downtrend is likely to continue in the next few sessions.
The relative strength index is at 40% which will allow the price to move in either direction in the upcoming days. Our parabolic SAR strengthens the short signals, but the price could find momentum and finally break the resistance in the mid-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.
