ETCBTC closes below its opening price unable to hold early session gains
Ethereum Classic/Bitcoin Index (ETCBTC) Technical Analysis Report for Nov 09, 2019 | by Techniquant Editorial Team
Moving lower for the 2nd day in a row, ETCBTC finished Saturday at 0.000563 losing BTC0.000003 (-0.53%) on low volume. Trading BTC0.000006 higher after the open, ETC/BTC was unable to hold its gains as the bears took control ending the day below its opening price. 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 Nov 09, 2019):
Saturday's trading range has been BTC0.000012 (2.12%), that's below the last trading month's daily average range of BTC0.000024. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for ETCBTC.
Two candlestick patterns are matching today's price action, the Bearish Hikkake Pattern and the Bearish Spinning Top which are both known as bearish patterns. The last time a Bearish Hikkake Pattern showed up on October 28th, ETCBTC actually gained 3.14% on the following trading day.
Prices are trading close to the key technical support level at 0.000555 (S1). After having been unable to move above 0.000571 in the prior session, ETC ran into sellers again around the same price level today, missing to move higher than 0.000572.
Although the market is experiencing a short-term uptrend, this might just be a correction, as both the medium and long-term trends are still bearish.
Buying could accelerate should prices move above the nearby swing high at 0.000581 where further buy stops might get triggered.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bearish Hikkake Pattern" stand out. Its common bearish interpretation has been confirmed for ETC/BTC. Out of 65 times, ETCBTC closed lower 63.08% 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 LTCUSD gaining 2.57% and BCHUSD closing 1.29% higher. On the flipside the worst performers have been ETCUSD closing -0.8% lower and BTCUSD losing -0.16%. Looking at the other Minor Cryptocurrencies, the winners of the day have been KMDBTC surging 19.83% and KMDUSD closing 19.72% higher. The worst performers of the day have been SCBTC tanking -4.35% and PIVXBTC closing -4.06% lower. Read more