ETC/USD Medium-term Trend: Bearish Supply levels: $4.6, $4.8, $5 Demand levels: $3.4, $3.2, $3

There has been price decline in the market valuation of ETC/USD since the trading sessions begin this week. The US dollar took the market driving force while the crypto was unable to push northwards past both the two conjoint indicators on January 27.

As at now, the market has been trading around $3.8 low mark. The 50-day SMA is located at around $4.2 point a bit over the Bollinger Middle Band. The Stochastic Oscillators have slightly headed up from the oversold zone to cross at range 20. That could, later on, cause a short line of consolidation movements in the market.

The $3.8 mark appears to be an important market line to denote the probable direction of the crypto-trade. However, traders may watch out for a good buy set-up or entry of the trade.

Serially, there has been a falling of price level in the ETC/USD market trading stance since the trade commences today. Yesterday, the crypto-market dropped largely in a sequential manner from around $4.23 markdown to around $3.8 low market point today.

The Bollinger Bands are located closely underneath the 50-day SMA indicator. Price has been trading around both the Bollinger Middle and Lower Bands presently. The Stochastic Oscillators have crossed between 50 and 25 ranges to point north. That signifies that bear may now be getting weaker gradually in the market for a while.

Traders may still need to wait for the period while the market is a bit pushed southward further and a reversal follows to find a solid foundation during a strong price action to probably consider a buy entry of this crypto-market.

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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