ETCBTC rises to highest close since June 25, 2019
Ethereum Classic/Bitcoin Index (ETCBTC) Technical Analysis Report for Jan 14, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, ETCBTC ended Tuesday at 0.000770 surging BTC0.000094 (13.91%) on high volume. This is the biggest single-day gain in over four months. Today's close at 0.000770 marks the highest recorded closing price since June 25, 2019. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Monday's high at 0.000683, ETC confirmed its breakout through the previous session high after trading up to BTC0.000117 above it intraday.
Daily Candlestick Chart (ETCBTC as at Jan 14, 2020):
Tuesday's trading range has been BTC0.000135 (19.97%), that's far above the last trading month's daily average range of BTC0.000044. Weekly volatility is also higher, being way above the market's average weekly trading range. The longer-term, monthly volatility is currently higher than usual for ETCBTC.
Two candlestick patterns are matching today's price action, the White Candle which is known as bullish pattern and one bearish pattern, the Last Engulfing Top Pattern.
Buyers managed to take out the key technical resistance level at 0.000696 (now S1), which is likely to act as support going forward. The last time this happened on January 11th, ETCBTC actually lost -4.40% on the following trading day. The cryptocurrency found buyers again today around 0.000665 for the third trading day in a row after having found demand at 0.000660 in the prior session and at 0.000664 two days ago.
Crossing above the upper Bollinger Band for the first time since January 11th, prices have shown unusually strong upward momentum in the short-term. This might either indicate a potential buying climax after which prices could head back down towards the mean of the Bollinger Bands at 0.000645 or signal the beginning of a strong momentum breakout leading to even higher prices.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the 14 market conditions that our pattern recognition engine identified today, the statistics for the Technical Indicators based market condition "RSI(14) above 70" stand out. Its common bearish interpretation has been confirmed for ETC/BTC. Out of 17 times, ETCBTC closed lower 82.35% 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 70.59% with an average market move of -4.89%.
With seven out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are BCHUSD gaining 30.8% and ETCUSD closing 23.36% higher. None of the markets ended the day in the red. Looking at the other Minor Cryptocurrencies, the winners of the day have been BTGBTC surging 84.88% and BTGUSD closing 68.68% higher. The worst performers of the day have been STRATBTC tanking -8.11% and WAVESBTC closing -7.45% lower. Read more