ETC/USD Medium-term Trend: Bearish
- Supply levels: $5.6, $5.8, $6
- Demand levels: $4.6, $4.4, $4.2
Yesterday, the ETC/USD market medium-term trend was basically maintaining a bearish outlook. The crypto’s downtrend seemingly got exhausted while it encountered a $4.8 strong demand level on January 7.
Today, the market has been trading around $5 mark underneath both the conjoined 50-day SMA and the Bollinger Middle Band. The Bollinger Middle Band and the 50-day SMA are conjoined closely under $5.2 horizontal price line. The Stochastic Oscillators have crossed within the oversold zone to slightly point north.
As it is, the $4.8 has now been established an immediate level upon which bulls have rebuilt their foundations. A break of the aforementioned point may result in finding a new foundation within $4.6 and $4.2 price levels.
ETC/USD Short-term Trend: Ranging
ETC/USD market worth has been pushing around $5 and $4.8 marks since the trading commences today. Like wisely, yesterday, the crypto maintained a larger zone of featuring its series of range movements within $5.4 and $5 market points.
The Bollinger Upper Band and the 50-day SMA are closely located near $5.2 price level. Price has been hovering around the current upper range mark. The Stochastic Oscillators have briefly penetrated into the overbought zone, and they still point north to suggest more possible upward price motion.
A strong push against the SMA indicator and the Bollinger Upper Band at the $5.2 mark may allow the market to get to test the last high mark or to surpass it for a while.
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