ETCBTC slumps -8.36% on high volume
Ethereum Classic/Bitcoin Index (ETCBTC) Technical Analysis Report for Jan 18, 2020 | by Techniquant Editorial Team
ETCBTC ended Saturday at 0.000975 tanking BTC0.000089 (-8.36%) on high volume. This is the biggest single-day loss in over nine months. The last time we've seen such an unusually strong single-day loss on January 7th, ETCBTC actually gained 2.50% on the following trading day. Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range.
Daily Candlestick Chart (ETCBTC as at Jan 18, 2020):
Saturday's trading range has been BTC0.000176 (16.54%), that's far above the last trading month's daily average range of BTC0.000078. 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 bearish candlestick pattern matches today's price action, the Black Candle.
Crossing below the upper Bollinger Band, prices have lost at least some of their upward momentum in the short-term and might now be heading back down towards the mean of the Bollinger Bands at 0.000716.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the three market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Black Candle" stand out. Its common bearish interpretation has been confirmed for ETC/BTC. Out of 319 times, ETCBTC closed lower 55.80% 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 59.25% with an average market move of 1.81%.
With four out of the seven Major Cryptocurrencies closing lower today, the ones that stand out on the negative side are ETCUSD losing -13.15% and BCHUSD closing -3.84% lower. On the flipside the best performers have been ETHUSD closing 3.26% higher and XRPUSD gaining 2.88%. Looking at the other Minor Cryptocurrencies, the winners of the day have been STEEMBTC surging 27.54% and BCNUSD closing 14.61% higher. The worst performers of the day have been ZECBTC tanking -13.54% and ZECUSD closing -13.32% lower. Read more