ETCBTC closes above its opening price after recovering from early selling pressure
Ethereum Classic/Bitcoin Index (ETCBTC) Technical Analysis Report for Jan 20, 2020 | by Techniquant Editorial Team
ETCBTC finished Monday at 0.001021 gaining BTC0.000051 (5.26%). Trading up to BTC0.000039 lower after the open, the market managed to reverse during the session as bulls took control ending the day above its opening price. The last time this happened on January 16th, ETCBTC gained 10.37% on the following trading day. 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 20, 2020):
Monday's trading range has been BTC0.000102 (10.42%), that's slightly above the last trading month's daily average range of BTC0.000085. 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 above 0.001032 in the previous session, ETC ran into sellers again around the same price level today, missing to move higher than 0.001042.
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 "High close to prior High" stand out. Its common bearish interpretation has been confirmed for ETC/BTC. Out of 301 times, ETCBTC closed lower 59.80% of the time on the next trading day after the market condition occurred.
With six out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are ETCUSD gaining 5.36% and BCHUSD closing 2.85% higher. On the flipside the worst performer has been LTCUSD closing -0.03% lower. Looking at the other Minor Cryptocurrencies, the winners of the day have been BTGBTC surging 9.6% and BTGUSD closing 9.56% higher. The worst performers of the day have been BCNUSD tanking -12.2% and SCBTC closing -11.11% lower. Read more