ETC/USD Long-term Trend: Bearish.
Resistance levels: $8, $10, $12
Support levels: $5, $3, $1.
The ETC/USD pair had been in a bullish trend since the beginning of January 2019. On January 1, the crypto’s opening balance had risen to the high of $5.15. On January 7, the bears broke the 12-day EMA and the 26-day EMA to the low of $4.98. The crypto further depreciated to the low of $4.47. From the weekly chart, the ETC price is still in the bearish trend zone which indicates that the crypto is likely to fall.
The Stochastic indicator is in the oversold region but above the 20% range indicating that the ETC price is in a bullish momentum and a buy signal. The blue band of the stochastic is above the red band indicating that the current trend is reversing. The crypto’s price is below the 12-day EMA and the 26-day EMA which indicates that price is in the bullish trend zone.
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