ETCBTC pops to highest close since June 16, 2019
Ethereum Classic/Bitcoin Index (ETCBTC) Technical Analysis Report for Jan 16, 2020 | by Techniquant Editorial Team
Moving higher for the 4th day in a row, ETCBTC ended Thursday at 0.000964 gaining BTC0.000058 (6.4%) on high volume. Today's close at 0.000964 marks the highest recorded closing price since June 16, 2019. Trading up to BTC0.000056 lower after the open, ETC/BTC managed to reverse during the session as bulls took control ending the day above its opening price. The last time this happened on December 13, 2019, ETCBTC gained 0.75% on the following trading day. Closing above Wednesday's high at 0.000918, the market confirmed its breakout through the prior session high after trading up to BTC0.000073 above it intraday.
Daily Candlestick Chart (ETCBTC as at Jan 16, 2020):
Thursday's trading range has been BTC0.000141 (15.56%), that's far above the last trading month's daily average range of BTC0.000053. Weekly volatility is also higher, being way above the market's average weekly trading range. The longer-term, monthly volatility is currently strongly higher than usual for ETCBTC.
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 although could signal a potential change in momentum that might lead to a correction back down towards the center of the Bollinger Bands at 0.000676.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Close near high of period" stand out. Though it is usually interpreted as bullish, it has actually shown to be bearish for ETC/BTC. Out of 154 times, ETCBTC closed lower 62.99% of the time on the next trading day after the market condition occurred.
With five out of the seven Major Cryptocurrencies closing lower today, the ones that stand out on the negative side are BCHUSD losing -4.02% and LTCUSD closing -2.14% lower. On the flipside the best performers have been ETCUSD closing 3.49% higher and EOSUSD gaining 0.26%. Looking at the other Minor Cryptocurrencies, the winners of the day have been ARDRBTC surging 6.6% and KMDBTC closing 6.13% higher. The worst performers of the day have been BTGBTC tanking -12.28% and BTGUSD closing -8.69% lower. Read more