- The bulls now appear to take a better ride in the ETN/USD market than the bears.
- Traders needed to be on the lookout for a good buy set-up prior exerting a position in the ETN/USD trade.
ETN/USD Medium-term Trend: Bullish
- Resistance levels: $0.006, $0.007, $0.008
- Support levels: $0.003, $0.002, $0.001
The market operations of Electroneum and the US dollar have been able to spike northwards after witnessing a chain of range price movements. The spike came up at the last 4-hour candlestick formation on June 5 in the crypto-market to very closely average $0.005 mark.
Currently, there has been a slight correction in the price action. The Bollinger Bands have opened briefly wider, but they still point east. The 50-day SMA is located within them a bit over the Bollinger Middle Band. The Stochastic Oscillators have slightly a bit above range 60 to suggest an ongoing pit-stop moving stuff in the market.
Indicators have shown that the bulls now have a brighter chance over the bears to push the market in their direction to the north. Following a market bullish reversal might lead to bears’ trap as at now.
ETN/USD Short-term Trend: Bearish
The short-term market run of ETN/USD started its trading operations on a note of featuring a 1-hour bearish candlestick. That has now led the pair to trade around the Bollinger Middle Band at a relatively low price level. The 50-day SMA indicator is located underneath the Bollinger Middle Band. The Stochastic Oscillators now point to the south briefly.
It may still be necessary that the pair is a bit further pushed to the south to find support around the 50-day SMA so that the bulls could regain their catalyst in the market. The market’s pivotal point remains at $0.0035 mark.
The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.
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