ETCBTC pops to highest close since June 19, 2019
Ethereum Classic/Bitcoin Index (ETCBTC) Technical Analysis Report for Jan 15, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, ETCBTC finished Wednesday at 0.000906 surging BTC0.000136 (17.66%) on high volume. This is the biggest single-day gain in over nine months. Today's close at 0.000906 marks the highest recorded closing price since June 19, 2019. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Tuesday's high at 0.000800, ETC/BTC confirmed its breakout through the previous session high after trading up to BTC0.000118 above it intraday.
Daily Candlestick Chart (ETCBTC as at Jan 15, 2020):
Wednesday's trading range has been BTC0.000160 (20.78%), that's far above the last trading month's daily average range of BTC0.000048. Weekly volatility is also higher, being way above the market's average weekly trading range. The longer-term, monthly volatility is currently significantly higher than usual for ETCBTC.
One bullish candlestick pattern matches today's price action, the White Candle.
With another close above the upper Bollinger Band, prices are confirming their strong upward momentum in the short-term. A drop back into the Bollinger Band on the next trading day though could signal a potential change in momentum that might lead to a correction back down towards the center of the Bollinger Bands at 0.000659.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term. With its 50-day moving average crossing above its 200-day moving average, the market has entered a so-called "Golden Cross" for the first time since August 13, 2018. Showing increasing upward momentum in the short and medium-term the "Golden Cross" is known to indicate a potential bull market on the horizon. When the last "Golden Cross" happened on August 6, 2018, ETCBTC actually lost -4.99% on the following trading day.
Among the 10 market conditions that our pattern recognition engine identified today, the statistics for the Technical Indicators based market condition "Golden Cross" stand out. Although it is usually interpreted as bullish, it has actually shown to be bearish for ETC/BTC. Out of 3 times, ETCBTC closed lower 100.00% 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 100.00% with an average market move of -15.20%.
With five out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are ETCUSD gaining 18.64% and EOSUSD closing 2.14% higher. On the flipside the worst performers have been BCHUSD closing -2.09% lower and XRPUSD losing -0.3%. Looking at the other Minor Cryptocurrencies, the winners of the day have been DASHBTC surging 49.26% and DASHUSD closing 48.99% higher. The worst performers of the day have been LTCCNY tanking -5.14% and BTCCNY closing -4.91% lower. Read more