Medium-term trend ETC / USD: bullish
- Offer levels: $ 6, $ 6.50, $ 7
- Demand levels: $ 3.50, $ 3, $ 2.50
The ETC / USD market has been kept on an upward trend towards the north above the purchase line of the 50-day SMA trendline, barely a week ahead. Between December 21st and 22nd, the market receded slightly under the Bollinger Middle Band, and after a while it had a tendency to follow the Bollinger Upper Band to test $ 5.50 on December 24th.
At the start of today, the cryptic dropped sharply below the $ 4 market point, but was visibly reversed to apparently favor high-level movements. The 50-day SMA is located under the Bollinger Middle Band. Stochastic oscillators have crossed the south point to the 50 range.
It appears that the crypt is now trying to build its foundations around $ 4.5 and $ 4 to support its eventual upward trend. But traders should be cautious with the $ 4 sign while positioning their trading positions.
Short-term trend ETC / USD: variable
This week, quite significant trading activities were held in the short-term ETC / USD market. Yesterday, the crypt was in an uptrend.
The cryptic suddenly witnessed a sharp decline in today's first trading sessions, while it hit the market level of $ 3.40 under the Bollinger Lower Band. In short, it has now been reversed to go around $ 4.80 and $ 4.40 marks below the Bollinger Middle Band to date. The 50-day SMA is at $ 5 a market point a bit above the Bollinger Middle Band. Stochastic Oscillators are now consolidating around radius 50.
The price level of $ 5 now appears as a decisive point of value that must be violated to the north to reaffirm the return of the bull in this encryption. The refusal to the above mentioned point could yield to have again the advantage of the driving force of the market.
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