ETC/USD Medium-term Trend: Bearish

Supply levels: $4.40, $4.60, $4.80
Demand levels: $3.20, $3, $2.80

On December 15, ETC market found a strong foundation while it saw an upswing around $3.50 close to Bollinger Lower Band. The upward price movements continued until yesterday while it touched a $4 supply level.

A 4hr chart showed the beginning of the current bear trend towards the trading sessions on December 17. Price has now been falling to average the 50-day SMA’s trend-line. The 50-day SMA is maintaining a close location over the Bollinger Middle Band. The Stochastic Oscillators have crossed within the overbought zone to briefly point south at range 80.

A convergence of Japanese candlesticks has occurred around $4 market levels; a probable signal that bears are now stronger in the market than bulls.

There have been majorly lower lows in the ETC/USD price movements today considering its movements in the short-term run. The market has been hovering around $3.80 mark as it lacks definite driving force by both the major movers.

As at the yesterday’s early trading hours, some of the crypto-market movements were experienced closely under the trend-line of the 50-day SMA. Eventually, a sudden spike occurred and pushed northward against the indicators to test around $4.10 level. The Bollinger Bands are above the 50-day SMA. The Stochastic Oscillators have freshly penetrated into the oversold zone.

A breakdown of the 50-day at around $3.75 mark could result in either revisiting the last low mark or a bit beyond southward further.

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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