ETC/USD Medium-term Trend: Ranging

Supply levels: $4.50, $5.50, $6.50
Demand levels: $3, $2.50, $2

ETC/USD crypto-market slightly broke the last week’s lower range southwards to enter other range zones this week. The downward market movements came majorly on a platform of featuring lower lows during which the $3.50 mark was briefly pushed past on December 7.

Since then, the crypto has been experiencing different short up and down price movements around $4 and $3.50 levels. Price has now been trading under the $4 upper range mark. The 50-day SMA is located over the Bollinger Bands which all its trend-lines are located within the range points. The Stochastic Oscillators are seemingly consolidating around range 40.

From the outlook of indicators reading, it’s still believed that this crypto will possibly witness more downwards in its market movements. Traders may only need to watch out for a decent entry.

In the short-term trading sessions so far today, the ETC/USD market has been notably declining southward. The crypto has once pushed northbound to average $4 mark earlier on today.

Since then, it has lost the strength to support the move at that point to sustain its surge above the upper range mark in the medium-run. Yesterday, the crypto saw a correction from a $4.20 high mark and equally resulted in a notable price-fall of a bit below the $3.70 point. Two key market lines have been depicted by the Bollinger Bands as $4 and $3.70 in the short-term trend. The 50-day SMA and the middle Bollinger Band are closely located on the chart. The Stochastic Oscillators have crossed to point south at range 20.

Though more bearish trending outlook cannot be totally blotted out as at present, but then, bulls are seemingly building up their foundations around $3.70 to possibly stage a come-back.

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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