ETC/USD Medium-term Trend: Bearish

Supply levels: $10, $10.50, $11
Demand levels: $8.75, $8.25, $7.75

There have been more notable ups than downs in the ECT/USD market trading movements within a range since the trading activities commence this week. The crypto slightly began pushing northwards from $9.09 mark to briefly touch past the $9.50 price level.

Yesterday, the pair retraced southwards to obtain a $9.25 price point a bit above the middle Bollinger Band. As at today, the crypto has been experiencing lower highs around the $9.50 upper Bollinger Band as the $9 marks the lower Bollinger Band. The 50-day SMA’s trend-line is located underneath the middle Bollinger Band. The Stochastic oscillators have moved past range 55 to point north to signify that there may still be a probability of more ups than downs as long as the 50-day SMA’s trend-line remains unbroken southwards.

ETC/USD basically moved in a range mode within the confinement of the Bollinger Bands yesterday. The crypto had earlier declined southward to touch the middle Bollinger Band and the 50-day SMA at their conjoint line.

The crypto-market has now been moved northward to test the $9.58 price level today. Price has been fluctuating around the upper Bollinger Band The Stochastic oscillators have dipped into the overbought zone to raise an overbought market condition for ETC price value against the US dollar market.

In the short-term run, entering of a short position may now be considered but the $9.75 needs to be wary of.

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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