- WAVES/USD pair has been encountering resistance around $1.70 mark.
- The bears’ forces of further declining the WAVES/USD market yet appears not to have been exhausted.
WAVES/USD Medium-term Trend: Bearish
- Resistance levels: $1.70, $1.80, $1.90
- Support levels: $1.20, $1, $0.80
WAVES/USD market point has been rising and falling under the trend-line of the 50-day SMA trading indicator to give a bearish trend outlook. In the process of struggling to surge upward, the pair has been encountering resistance around $1.70 mark. And, now, the market is trading around low values of $1.40, and $1.30.
The Bollinger Upper Band and the 50-day SMA are a bit over $1.50 market level. The indicators as a whole still slightly point to the south. The Stochastic Oscillators have been consolidating around range 20.
To some reasonable extent, the bears’ force appears to have a better chance in this crypto-market. Therefore, traders may have to be on the lookout for a good bear set-up while a reversal occurs against an upward move at strategic market points.
WAVES/USD Short-term Trend: Bullish
As at the of writing today, the WAVES/USD market trend in the short-term run maintains a very slight increase in valuation. The pair moves upward from a low value around $1.37 or thereabout to trade around a high value at $1.45.
The Bollinger Upper Band and the 50-day SMA are now at the $1.45 mark. The Stochastic Oscillators are now attempting to close at range 60. They may eventually point to the south to signify an end in the crypto-traders slight northward journey.
The bears’ forces of further declining the WAVES/USD market yet appears to be imminent. The bulls may have another opportunity to rebuild their foundation around $1.35 and $1.30 levels if they cannot trade past and sustain over the $1.45 mark.
Waves:
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