ETC/USD Medium-term Trend: Bearish

Supply levels: $10.50, $11, $11.50
Demand levels: $8, $7.50, $7

The last week’s immediate demand price level has been breached southwards as it had once been previously recorded in the financial book of records of the ETC/USD market valuation on October 11. The correction in the market of this crypto that emerged on Oct. 22, has now been eventually degenerated into a free-fall trend as the lower range level $9.50 has been broken southwards to test past the next demand level at $9.

The 50-day SMA is over the middle Bollinger Band as the lower Bollinger Band is now stretching southwards along with the active market line The Stochastic Oscillators appear to continue a consolidation move around range 20 to detest probable assumption of having a good long bearish market continuation in the market of this crypto.

ETC/USD in the short-term still runs in a bearish market outlook after a long period of being traded within a range. One of the notable range price levels at $9.40 was visibly broken southwards against the lower Bollinger Band to approach $8.79 price level.

The yesterday major market decline has put the Bollinger Bands to be located under the 50-day SMA’s trend-line. Price has now been hovering around the $9 and $8.80 levels. The Stochastic oscillators have dipped into the oversold zone to suggest that bearish trend is not yet over in the market of this crypto. But, a buying openings may soon come up especially between the demand levels as stated above.

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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