ETC/USD Medium-term Trend: Ranging

Supply levels: $5.50, $6.50, $7.50
Demand levels: $3.50, $2.50, $1.50

ETC/USD market has been trading around the same range boundaries as it was experienced last week. The ETC/USD current high value was achieved on December 2 at around $5.28 mark on the chart.

On the following day, it featured variant basic lower lows to the extent of breaking through southwards past both the middle Bollinger Bands and the 50-day SMA and eventually touched the lower Bollinger Band that’s stationed a bit below the $4.50 lower range point. The middle Bollinger Band and the 50-day SMA are located within the range as the former is found over the latter. The Stochastic Oscillators have crossed from the oversold zone to briefly point north at range 20.

That depicts bulls are trying hard to stage a come-back into the market. But the $4.35 point should be wary of as its breaking downwards could result in finding a new low level around the $4 mark.

In the short-term run, the ETC/USD market line has been notably springing northward as it has touched around the $4.70 mark today. The market is currently been trading around the upper Bollinger Band very close to the level mentioned.

A few hours before today’s trading sessions, the crypto was seen ranging between the $4.60 and the $4.40 marks. The 50-day SMA is located at $4.80 above the Bollinger Bands. The Stochastic Oscillators have conjoined within the overbought zone to either suggest a consolidation movement or point to a definite market direction.

Being as it may, the $4.40 seems to be the current bearish movement rejection point while the $4.80 could be the bullish trend reversal line.

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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