ETCBTC closes within prior day's range after lackluster session
Ethereum Classic/Bitcoin Index (ETCBTC) Technical Analysis Report for Jul 13, 2019 | by Techniquant Editorial Team
ETCBTC finished Saturday at 0.000582 edging higher BTC0.000007 (1.22%). Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range in a lackluster session.
Daily Candlestick Chart (ETCBTC as at Jul 13, 2019):
Saturday's trading range has been BTC0.000023 (4.0%), that's far below the last trading month's daily average range of BTC0.000047. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for ETCBTC.
One bullish candlestick pattern matches today's price action, the Tweezer Bottom. The last time a Tweezer Bottom showed up on June 17th, ETCBTC actually lost -1.27% on the following trading day.
After having been unable to move lower than 0.000570 in the prior session, ETC found buyers again around the same price level today at 0.000570.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Selling might accelerate should prices move below the close-by swing low at 0.000546 where further sell stops could get triggered.
Among the four 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 252 times, ETCBTC closed lower 60.32% of the time on the next trading day after the market condition occurred.
With seven out of the seven Major Cryptocurrencies closing lower today, the ones that stand out on the negative side are XRPUSD losing -3.89% and LTCUSD closing -3.82% lower. None of the markets managed to end the day in the green. Looking at the other Minor Cryptocurrencies, the winners of the day have been BCNUSD surging 10.06% and XVGBTC closing 5.26% higher. The worst performers of the day have been LTCCNY tanking -8.31% and NEOUSD closing -8.22% lower. Read more