ETC/USD Medium-term Trend: Ranging

Supply levels $11.20, $11.40, $11.60
Demand levels: $10.60, $10.40, $10.20

On Monday, Oct.7, ETC/USD began to rally after seeing its market valuation declined southwards to touch the immediate demand level at $10.60. Yesterday, the crypto maintained its price ranging movements erratically by featuring both ups and downs around the middle Bollinger Bands during the trading sessions.

A notable short spike emerged eventually to breach northward briefly past the middle Bollinger Band to touch both the 50-day SMA and the upper Bollinger Band at around $11 price level. As at now, the market price line has been hovering within the range-bound region of $11 and $10.70 levels. The Stochastic Oscillators have moved slightly past range 60. They now appear to start a consolidation move around it. This suggests that traders may have to exercise some degree of caution in placing further entries as at now.

The ETC/USD market price value has been systematically witnessing quite a greater number of upward moves than downwards barely two days ago. Most of the trading sessions were witnessed above both the middle Bollinger Band and the 50-day SMA but the upper Bollinger Band was not breached northwards.

Today, the crypto’s market value point has dropped below the middle Bollinger band towards both the 50-day SMA and the lower Bollinger Band. Price has now been averaging the $10.80 price level. The Stochastic Oscillators have crossed southwards to touch range 40. This suggests that there is still a possibility of having more downward price movements in the market of this crypto as at now.

The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute inancial advice. Always do your own research.

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