- ETC/USD consolidates the previous day’s losses from 50% Fibonacci retracement.
- RSI, MACD also not inclined to open doors for sellers.
- An ascending trend line from March 13 adds to the downside support.
ETC/USD retraces from the lowest in a week to 7.2900, up 1.60% on a day, during the early Monday. In doing so, the pair takes a U-turn from 100-day SMA, which in turn again pushes in north towards 50% Fibonacci retracement level of February-March downside. Also supporting the bulls are the upbeat MACD signals and a lack of overbought RSI conditions.
However, highs marked on May 30 and May 02, respectively near 7.5635 and 7.6175, could act as intermediate resistances before attacking 8.000 round-figures and 8.2297 mark comprising the 50% Fibonacci retracement.
Should the quote surpasses 8.2300 level on a daily basis, it can aim for March month’s high of 8.7073 before targeting 61.8% Fibonacci retracement near 9.3981.
Alternatively, a 38.2% Fibonacci retracement level of 7.0610 may act as buffer supports ahead of a 100-day SMA level of 6.5282.
Moreover, an upward sloping trend line from early-March, at 6.0795 now, could also question the bears.
ETC/USD daily chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.