ETCBTC finds support at 50-day moving average
Ethereum Classic/Bitcoin Index (ETCBTC) Technical Analysis Report for Nov 10, 2019 | by Techniquant Editorial Team
Moving lower for the 3rd day in a row, ETCBTC ended Sunday at 0.000558 losing BTC0.000005 (-0.89%) on low volume. Trading BTC0.000021 higher after the open, the market was unable to hold its gains as the bears took control ending the day below its opening price. Closing below Saturday's low at 0.000560, the cryptocurrency confirmed its breakout through the previous session low after trading up to BTC0.000011 below it intraday.
Daily Candlestick Chart (ETCBTC as at Nov 10, 2019):
Sunday's trading range has been BTC0.000034 (6.05%), that's above 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 below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for ETCBTC.
In a volatile session, prices traded above the prior day's high as well as below the previous day's low, forming a bearish Outside Bar. The last time this happened on November 4th, ETCBTC actually gained 2.27% on the following trading day. Additionally, two candlestick patterns are matching today's price action, the Bearish Spinning Top and the Bearish High-Wave Candle which are both known as bearish patterns.
After trading as low as 0.000549 during the day, ETC/BTC found support at the 50-day moving average at 0.000556. After spiking up to 0.000583 during the day, ETC found resistance at the 100-day moving average at 0.000578.
ETCBTC shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish.
Among the nine market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bearish High-Wave Candle" stand out. Its common bearish interpretation has been confirmed for ETC/BTC. Out of 18 times, ETCBTC closed lower 77.78% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the short side has been after 10 trading days, showing a win rate of 66.67% with an average market move of -6.13%.
With six out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are BCHUSD gaining 3.73% and EOSUSD closing 3.16% higher. On the flipside the worst performer has been XRPUSD closing -0.14% lower. Looking at the other Minor Cryptocurrencies, the winners of the day have been XLMUSD surging 8.52% and VETBTC closing 6.78% higher. The worst performers of the day have been KMDBTC tanking -9.82% and KMDUSD closing -7.06% lower. Read more