The crypto currency pair has extended gains today in early trades.  The move up is seems to be corrective in nature. As long as 9730 remains intact, chances of the further move up is remote.

The RSI on the hourly charts is making a compressing signal near 60 – 70 levels. This is a bearish sign.

A rising wedge pattern is also forming on the price. Break of the trend line will re establish the trend down again.

Bharat Jhunjhunwala MFTA, CMT, CFTe, MSTA

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