ETCBTC closes lower for the 2nd day in a row
Ethereum Classic/Bitcoin Index (ETCBTC) Technical Analysis Report for Jan 19, 2020 | by Techniquant Editorial Team
Moving lower for the 2nd day in a row, ETCBTC finished Sunday at 0.000970 losing BTC0.000005 (-0.51%) on high volume. Closing within the previous day's range, prices missed to decisively move beyond the prior day's trading range.
Daily Candlestick Chart (ETCBTC as at Jan 19, 2020):
Sunday's trading range has been BTC0.000123 (13.21%), that's slightly above the last trading month's daily average range of BTC0.000082. 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.
After having been unable to move lower than 0.000916 in the previous session, the market found buyers again around the same price level today at 0.000909. The last time this happened on January 14th, ETCBTC gained 17.66% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the two market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Low close to prior low" stand out. While it is usually interpreted as bullish, it has actually shown to be bearish for ETC/BTC. Out of 396 times, ETCBTC closed lower 57.32% of the time on the next trading day after the market condition occurred.
With seven out of the seven Major Cryptocurrencies closing lower today, the ones that stand out on the negative side are EOSUSD losing -6.77% and ETHUSD closing -6.24% lower. None of the markets managed to end the day in the green. Looking at the other Minor Cryptocurrencies, the winners of the day have been DASHBTC surging 4.47% and WAVESBTC closing 1.01% higher. The worst performers of the day have been KMDUSD tanking -10.45% and STEEMBTC closing -8.92% lower. Read more