ETC/USD faces bullish growth with little resistance up front - Confluence Detector
|- Bulls overtake the bears in the last session to reverse the bearish trend that has dominated the market for the two previous sessions.
- Confluence detector shows little resistance up front with strong support at $3.84.
ETC/USD bulls have eked out the bears in the last session. The market has been bearish for the previous two sessions. Though the overall market remains bearish, technical analysis shows that the trend may reverse soon. Daily confluence detector indicates that there is little resistance up front, giving the bulls good incentive to rally together and take over the ETC/USD market.
ETC/USD daily chart
The 20-day Bollinger band shows that the last session is comfortably above the lower band as opposed to the previous eight sessions. This is a reliable indicator of an upcoming bullish trend.
ETC/USD daily confluence detector
The four resistance levels are at $4.03, $4.01, $3.96, and $3.93. The confluences at each of these bands are as follows:
- $4.03: 10-day simple moving average (SMA 10)
- $4.01: Weekly 38.2% Fibonacci retracement level and daily pivot point
- $3.96: Hourly upper Bollinger band, daily pivot point, SMA 200, and daily previous high.
- $3.93: Daily 61.8% Fibonacci retracement level, SMA 5, SMA 50, 15 min upper Bollinger band, hourly middle Bollinger band, and hourly previous high.
The two support levels are at $3.89 and $3.84. The $3.84-level is an extremely strong level.
- $3.89: Hourly previous low, 4-hour previous low, hourly lower Bollinger band, and daily 38.2% Fibonacci retracement level.
- $3.84: Precious month low and previous week low.
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