ETC/USD Medium-term Trend: Bullish
- Supply levels: $6, $6.50, $7
- Demand levels: $3.50, $3, $2.50
ETC/USD market has been kept on a northward-trending mode above the buy signal line of the 50-day SMA’s trend-line barely over a week. Between December 21 and 22, the market slightly retraced below the Bollinger Middle Band, and it got a push after a while to trend along the Bollinger Upper Band to test $5.50 mark on December 24.
Earlier on today, the crypto experienced a sudden drop briefly below $4 market point, but it has been visibly reversed to seemingly favor upward movements. The 50-day SMA is underneath the Bollinger Middle Band. The Stochastic Oscillators have crossed to point south at range 50.
It appears that the crypto is now attempting to build its foundation around $4.5 and $4 to support its eventual uptrend. But traders should be wary of the $4 mark while placing their trading positions.
ETC/USD Short-term Trend: Ranging
Quite notable variant trading activities have been happening in the ETC/USD short-term market this week. Yesterday, the crypto was in a bullish trend outlook.
The crypto suddenly witnessed a sharp decline as at the early trading sessions today while it touched around $3.40 market level below the Bollinger Lower Band. Shortly, it has now been reversed to range around $4.80 and $4.40 marks below the Bollinger Middle Band until present. The 50-day SMA is found at $5 market point a bit above the Bollinger Middle Band. The Stochastic Oscillators are now seemingly consolidating around range 50.
The $5 price level now appears to a determinant value point that needs to be breached northwards to re-affirm bull’s return into this crypto-mark. Rejection at the said point could give in to bear having the market driving force advantage once again.
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