ETC/USD Long-term Trend: Bearish.
• Resistance levels: $8, $10, $12
• Support levels: $5, $3, $1.
The ETC/USD pair had been in a bearish trend zone since January 7. On January 7, the bears broke the 12-day EMA, the 26-day EMAs and price fell to the low of $4.98. The crypto’s price further depreciated to the low of $4.27 to commence a range bound movement. The crypto’s price fluctuated at this price level until when resisted by the 12-day EMA and it fell to the low of $3.97. On February 8, at the low of $3.87, the bulls broke the 12-day EMA but were resisted at the 26-day EMA.
Today, the ETC price is currently trading at $4.40 as at the time of writing. Meanwhile, the crypto’s price is below the 12-day EMA and the 26-day EMA which indicates that price is in the bearish trend zone. The stochastic is out of the oversold region but above the 20% range which indicates that the ETC price is in a bullish momentum and a buy signal.
Source: bitcoinexchangeguide.com