Rajarshi Mitra
Independent Analyst
- ETC/USD bears stepped back into the market following a bullish Tuesday.
- The daily confluence detector shows a lack of strong support, so further price drops can be expected.
ETC/USD daily confluence detector
ETC/USD dropped from $6.26 to $6.23 in the early hours of Wednesday. As per the daily confluence detector, there is a lack of healthy support levels. This is why a further price drop can be expected. However, on the upside, there is a strong resistance stack between $6.24-$6.26 and another resistance level at $6.395.
The $6.24-$6.26 stack has the. 4-hour Previous Low, one-hour Previous High, 15-min Bollinger Band middle curve, one-hour Bollinger Band middle curve, one-week Fibonacci 23.6% retracement level, one-day Fibonacci 61.8% retracement level, one-hour SMA 5, 4-hour SMA 5, 15-min SMA 10, one-hour SMA 10, 4-hour SMA 10, 15-min SMA 50 and 15-min SMA 100.
Finally, the $6.395-level has the one-week Fibonacci 38.2% retracement level and one-day Pivot Point resistance-two.
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