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ETC/USD Medium-term Trend: Ranging
- Supply levels: $4.1, $4.3, $4.5
- Demand levels: $3.6, $3.4, $3.2
ETC/USD market worth has been majorly featuring within a range that is depicted by $4 and $3.5 marks since around January 28. Taking a closer look at the market, the pair has been stylishly sliding to the downside of the range while trade continues this week until present.
Economic indicators are all situated within the range zones as price has been hovering between the Bollinger Upper Band and the Bollinger Lower Band. A couple of days back, the Stochastic Oscillators have been consolidating around range 20 closely to oversold zone.
The crypto-market appears to have reached one of its peak points to the downward trend, in that wise, traders are advised to watch out for a good buy set-up.
ETC/USD Short-term Trend: Ranging
There have been stagnant price movements in the market valuation of ETC/USD today. Unlike yesterday, the crypto-pair experienced a relative decline while it touched the 50-day SMA from below within a range.
The range zones in the short-term outlook are located between $3.9 and $3.8 marks. The Bollinger Upper Band and the 50-day SMA are closely located within the range with the other Bollinger Bands. Price has continued to hover along the Bollinger Middle Band. The Stochastic Oscillators are seemingly attempting close hairs below range 60 to probably still suggest a downward movement in the market.
Currently, in this crypto-trade, any possible market downward movement may lack sustainability. Therefore, traders may have to wait for a strong price rally to clearly signify a good long entry order.
The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.