ETC/USD Medium-term Trend: Ranging

Supply levels: $11, $11.50, $12
Demand levels: $9, $8.50, $8

At a very close observing viewpoint, ETC/USD market has dropped notably within or around a range of $10.50 and $10 price levels today. Last week, the market basically ranged within $10 and $9.50 price territories and, also between the Bollinger Bands.

Yesterday, a spike emerged during the ETC/USD trading sessions and, the crypto got pushed northbound past the upper Bollinger Band location to average $10.50 price level. The crypto could not sustain the sudden rise past the upper range and as a result, it retraced backward into the Bollinger Bands to seemingly start a consolidation around $10 price level. The Stochastic Oscillators have crossed to point south. That depicts that bearish market may soon be experienced or more of lower lows in the market.

Yesterday, ETC/USD moved in $9.9 and $9.7 range-bound levels. The price ranging movement eventually declined serially southbound to touch the lower Bollinger Band a bit above the lower price ranging zone.

As at the early trading session today, the crypto has suddenly got pushed northbound to slightly touch past $10.40 price level. Thereafter, it began reversing southbound and, in the short-run process, it generated into a bearish move that has breached southbound further past the middle Bollinger Band to touch the lower Bollinger Band with the 50-day SMA. As at now, the market has been hovering around the lower Bollinger Band with the 50-day SMA. The stochastic Oscillators have dipped into the overbought zone to suggest that bearish market may soon come to an end. Therefore, traders may be on the lookout for a decent long position entry.

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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