Trading Ideas

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.


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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