On the other hand, the pair had left below the daily simple moving averages. This factor indicates that the pair is overbought.
Daily Candle Chart
On the daily candle chart, note the 55-day simple moving average. The SMA is approaching the support cluster that is located from 1.2900 to 1.3000.
In the meantime, the rate is set to face the resistance of simple weekly and monthly pivot points. In the past the pivot points had either been easily passed or slowed down the movement of the rate by causing short term retracements.
Market Depth
By looking at the market depth data, clusters of resistance and support can be observed.
In general, the rate has a large cluster of buy orders at 1.3500. In addition, buy orders are located at 1.3000 and 1.2900.
Meanwhile, sell orders are far away from the exchange rate. The closest by and worth mentioning small cluster of sell orders is located at the 1.5400 level.
© Dukascopy Bank SA
© Dukascopy Bank SA
Future outlook
Combining the set up trade orders and the technical chart, one can expect the crypto to surge. In theory, a surge should go on gradually, pausing at the weekly and monthly pivot points.
On the other hand, the rate could consolidate by trading sideways or retrace back to the 1.3500 level. It could occur due to the fact that the pair is overbought. It is indicated by the simple moving averages being located far below the exchange rate.