ETC/USD Medium-term Trend: Bearish
Supply levels: $8.50, $9, $9.50
Demand levels: $4, $3.50, $3
As at the first-day trading session this week, ETC/USD experienced a range move spanned from last week’s market driving mode. Yesterday, November 19, the crypto began getting weaker against the USD while the $7 mark was gradually breached southwards past the lower Bollinger Band.
By that, the US dollar market has been strongly pressing the crypto valuation downwards to test the $5 fresh low mark today. The 50-day SMA is a bit below the upper Bollinger Band, but a notable space exists between it and the middle Bollinger Band. Currently, the market trading force has surpassed the lower Bollinger Band to the south direction. The Stochastic Oscillators have dipped into the oversold to deepen its consolidation move within it.
Such a move by the Stochastic Oscillators within the oversold could mean a strong signal for bears as long as the middle Bollinger Band remains unbroken northwards to probably suggest an end of the present bearish trend.
ETC/USD Short-term Trend: Bearish
The $7 mark that seemed to be the lower range zone lately was breached southward yesterday. Hence, the previous range during the start of this week’s trading session eventually changed in favor of the US dollar worth against the ETC valuation in the short-term run.
Both the 50-day SMA and the upper Bollinger Band are found closely over the $6.50 market level. Price has been traded around the lower Bollinger Band. The Stochastic Oscillators are now seen moving around range 25.
There has been no strong indication that this crypto will recover so soon from its current bearish move in the market. Nevertheless, bears’ trap could occur if entering a short position is not exercised with utmost caution.
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