ETC/USD Medium-term Trend: Ranging Supply levels: $5, $5.2, $5.4 Demand levels: $4.2, $4, $3.8

About two days back, ETC/USD market stance has been experiencing a line of choppy price movements around $4.6 and $4.4 marks. Last week, the crypto recorded a notable number of stumble that eventually led to touch briefly past $4.4 price level on January 13.

The market has been hovering around the Bollinger Middle Band closely to the $4.6 upper range zone. The 50-day SMA and the Bollinger Upper Band are located very closely a bit below $4.8 level. The Stochastic Oscillators have headed northward to point north-east at around range 70.

Going by the trending mode of this crypto, it’s most likely to give in to bears below the 50-day SMA to probably drive the market towards achieving $4.2 or $4 low mark.

Basically, there has a chain of variant choppy price movements in the short-term trend of ETC/USD market until now. The choppy price movements have been featuring around $4.6 and $4.5 market levels.

Yesterday, a spike occurred as both the 50-day SMA indicator and the Bollinger Upper Band were breached northward to slight move past the $4.6 current upper range zone. The 50-day SMA appears slightly southward bent after maintaining a perfect direction with $4.5 mark. The Stochastic Oscillators have slightly crossed to point south. That indicates bear is still in the control force of this crypto-trade.

Price levels of between $4.7 and $4.3 are now the market trading areas, and as a result, traders may be on the lookout for a good rejection set-up at the upper zone to launch a sell position or at the lower zone to enter a buy order with decency.

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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