ETCBTC finds buyers around 0.001449 for the third day in a row
Ethereum Classic/Bitcoin Index (ETCBTC) Technical Analysis Report for Oct 13, 2018 | by Techniquant Editorial Team
ETCBTC finished Saturday at 0.001473 losing BTC0.000008 (-0.54%) on low volume. Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range.
Daily Candlestick Chart (ETCBTC as at Oct 13, 2018):
Saturday's trading range has been BTC0.000095 (6.46%), that's slightly above the last trading month's daily average range of BTC0.000088. Weekly volatility is also higher, being slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for ETCBTC.
Three candlestick patterns are matching today's price action, the Southern Doji which is known as bullish pattern, one bearish pattern, the Gravestone Doji and one neutral pattern, the Doji.
The market found buyers again today around 0.001449 for the third trading day in a row after having found demand at 0.001441 in the prior session and at 0.001444 two days ago. The last time this happened on Wednesday, ETCBTC actually lost -11.72% on the following trading day.
With another close below the lower Bollinger Band, prices are confirming their strong downward momentum in the short-term. A rally back into the Bollinger Band on the next trading day although could signal a potential change in momentum that might lead to a correction back up towards the center of the Bollinger Bands at 0.001651.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Selling could accelerate should prices move below the close-by swing low at 0.001441 where further sell stops might get triggered.
Among the nine market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "High close to previous High" stand out. Its common bearish interpretation has been confirmed for ETC/BTC. Out of 185 times, ETCBTC closed lower 61.62% of the time on the next trading day after the market condition occurred.
With five out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are ETHUSD gaining 1.6% and EOSUSD closing 1.54% higher. On the flipside the worst performer has been XRPUSD closing -0.38% lower. Looking at the other Minor Cryptocurrencies, the winners of the day have been STEEMBTC surging 5.26% and SCBTC closing 4.08% higher. The worst performers of the day have been BCNUSD tanking -4.43% and BTGBTC closing -2.26% lower. Read more