The () trading pair started the last 24 hours with a bearish engulfing that brought the price tumbling down from USD 8318 to a low of USD 8081.This was further reinforced by the 21 day Moving Average that crossed over the 7 day Moving Average. The pair then started trading on a sideways market as it was consolidating before the next market move. During this sideways trending, the pair seemed to find support at USD 8121 and resistance at USD 8191.During this time, The RSI was still below 40 seemingly indicating an oversold market. It wasn’t long before the support levels were breached and the price tumbled to a new low below USD 8000.The RSI further dipped to less than 30 solidifying the notion that these levels were indeed oversold.
The price then went into consolidation with the USD 8000 mark seemingly acting as the new resistance levels. During this time, the 21 day Moving Average had still created a wide margin against the 7 day Moving Average. New support levels seemed to be defined at USD 7930.However, the USD 8000 psychological resistance levels were soon breached to the upwards as the bulls managed to pull the price up past the USD 8000 mark. The 7 day Moving Average also went over the 21 day Moving average seemingly paving way for a bullish engulfing that drove the price to a high of 8085.The RSI also seemed to shun the oversold region and is seemingly headed North with the tip firmly pointed towards 60.
Short-Term Forecast
First Scenario: we expect that in the next few hours, the pair should find temporary resistance at the ranges of 8100-USD 8200.If these are breached to the northwards, then the next target would be USD 8350.
Second scenario: The RSI is between the levels of 40 and 60 seemingly signifying that the bulls may lack the momentum to drive the price past the 8100 levels. If this is the case, then support should be placed at USD 8000 as we prepare for a range bound market. “I think has the potential to keep its current value for a short time and I expect it to come back up again in the coming months,” said Hussain Abu Aziz, CEO of AZB.
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