The cryptocurrency managed to break the resistance at the 23.6% Fibonacci retracement of 1.20182, and it's on its third consecutive day with profits. Although we might see a retracement in the short term, the pair might still get away with more gains before it drops.
The Bollinger bands opened up aggressively in the last few sessions, the price trades above the upper band, suggesting that the price is relatively high, which could help a short-term pullback.
The relative strength index has not entered an overbought status, which indicates that the price might still move upwards a bit more before retracing. The current RSI is at 65%. Our parabolic SAR indicator suggests that the uptrend will continue in the short term.
The short and long-term moving averages are still moving upwards, strengthening the long signal; however, we do not think it will last much longer as it will enter an overbought status very soon if it continues moving up.
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