ETC / USD medium-term trend: bearish
Offer levels: $ 8.50, $ 9, $ 9.50
Demand levels: $ 4, $ 3.50, $ 3
As in the trading session on the first day of this week, ETC / USD recorded a range spanning move from last week's market driving mode. Yesterday, November 19, cryptography began to weaken against the USD, while the $ 7 brand was gradually breached south over the lower Bollinger band.
In this way, the US dollar market heavily penalized the downward encrypted valuation to test the new $ 5 minimum today. The 50-day SMA is a bit below the upper Bollinger Band, but there is considerable space between this and the Bollinger central band. Currently, the market's commercial strength has exceeded the lower Bollinger band southward. The Stochastic Oscillators have immersed themselves in envy to deepen its consolidation movement within it.
Such a move by Stochastic Oscillators within the oversold could mean a strong signal for bears as long as the central band of Bollinger remains unbroken to the north to probably suggest an end to the current bearish trend.
Short-term trend ETC / USD: bearish
The $ 7 brand that appeared to be the lower-range area was recently surpassed south yesterday. Therefore, the range prior to the start of this week's trading session has changed in favor of the US dollar against the short-term ETC valuation.
Both the 50-day SMA and the upper Bollinger Band are at a level very close to the market level of $ 6.50. The price was traded around the lower Bollinger band. Stochastic Oscillators are now seen moving around the range 25.
There was no clear indication that this crypt will recover so soon from its current bearish movement on the market. However, the bear trap may occur if the insertion of a short position is not exercised with the utmost caution.
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