ETC/USD Medium-term Trend: Ranging
Supply levels: $9.80, $10, $10.20
Demand levels: $8.50, $8.30, $8.10
The ETC/USD market has been featuring lower lows than lower highs within a range since yesterday until present. This week, on November 11, the crypto started its price movement at around $9.40 mark under a sell trend-line of the 50-day SMA in conformity with the middle Bollinger Band trend-line to arrive at a price a bit below the $9 low value
The crypto-market line has continued to majorly witness lower lows within the $9.20 and the $8.80 market levels. The 50-day SMA is located above the middle Bollinger Band. The Stochastic Oscillators have slightly dipped past range 20 into the oversold zone.
A consolidation movement may soon be experienced. But, it is expected to create a good buying entry in the medium-run afterward.
ETC/USD Short-term Trend: Bearish
Although the bearish movement in the ETC/USD market has not been intensely featuring on the chart in the short-term, most of the indicators still point south.
The upper Bollinger band is found at around the $9.20 mark and , the lower Bollinger Band is located around the $8.90 point while the 50-day SMA’s trend-line is situated over the middle Bollinger Band. The Stochastic Oscillators have penetrated into the oversold zone and, they appear to consolidate within it.
It needs to be stated here that caution should exercise in placing more trading positions for a while. But, the bull may soon find a way back into the market.
The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.