ETCBTC rises to highest close since June 8, 2019
Ethereum Classic/Bitcoin Index (ETCBTC) Technical Analysis Report for Jan 17, 2020 | by Techniquant Editorial Team
Moving higher for the 5th day in a row, ETCBTC ended the week 57.86% higher at 0.001064 after surging BTC0.000100 (10.37%) today on high volume. Today's close at 0.001064 marks the highest recorded closing price since June 8, 2019. Closing above Thursday's high at 0.000991, the cryptocurrency confirmed its breakout through the previous session high after trading up to BTC0.000357 above it intraday.
Daily Candlestick Chart (ETCBTC as at Jan 17, 2020):
Friday's trading range has been BTC0.000405 (42.01%), that's far above the last trading month's daily average range of BTC0.000072. 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.
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 0.000699.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "5 Consecutive Higher Closes" stand out. While it is usually interpreted as bullish, it has actually shown to be bearish for ETC/BTC. Out of 9 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 seven trading days, showing a win rate of 55.56% with an average market move of -3.52%.
With seven out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are ETCUSD gaining 20.96% and BCHUSD closing 12.02% higher. None of the markets ended the day in the red. Looking at the other Minor Cryptocurrencies, the winners of the day have been ZECUSD surging 20.85% and ZECBTC closing 18.86% higher. The worst performers of the day have been DASHBTC tanking -12.93% and DASHUSD closing -11.06% lower. Read more