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ETC/USD Price Analysis: Bounce from 100-day SMA Keeps Purchasers Confident Above 7.0000

ETC/USD backtrack from the lowest in a week to 7.2900, up 1.60% on a day, during early Monday. As a result, the pair takes a U-turn 100-day SMA, which again pushes in the north towards the 50% Fibonacci retracement level of February-March drawback. Also supporting the bulls are the upbeat MACD signals and a lack of overbought RSI conditions.

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However, high marks on May 30 and May 02, respectively close to 7.5635 and 7.6175, could go about as an intermediate resistances before attacking 8.000 round-figures and 8.2297 marks involving the 50% Fibonacci retracement. 

Should the statement exceed 8.2300 level consistently, it can focus on March month’s high of 8.7073 before targeting a 61.8% Fibonacci retracement close to 9.3981. 

On the other hand, a 38.2% Fibonacci retracement level of 7.0610 may act as buffer support ahead of a 100-day SMA level of 6.5282.

In addition, an upward sloping trend line from early-March, at 6.0795 presently, could likewise scrutinize the bears.

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