ETC/USD faces a strong resistance upfront  – Confluence Detector

  • 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.