ETCBTC runs into sellers around 0.001053 for the third day in a row
Ethereum Classic/Bitcoin Index (ETCBTC) Technical Analysis Report for Jan 21, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, ETCBTC ended Tuesday at 0.001023 edging higher BTC0.000002 (0.2%). 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 21, 2020):
Tuesday's trading range has been BTC0.000064 (6.41%), that's slightly below the last trading month's daily average range of BTC0.000088. Things look different on the weekly timeframe, where the market's trading range of the last week has been way above the market's average weekly trading range. The longer-term, monthly volatility is currently significantly higher than usual for ETCBTC. Prices continued to consolidate within a tight trading range between 0.000909 and 0.001053 where it has been caught now for the last three trading days.
ETC/BTC ran into sellers again today around 0.001053 for the third trading day in a row after having found sellers at 0.001042 in the previous session and at 0.001032 two days ago. The last time this happened on December 31, 2019, ETCBTC actually gained 0.16% on the following trading day.
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 Support/Resistance based market condition "High close to prior High" stand out. Its common bearish interpretation has been confirmed for ETC/BTC. Out of 302 times, ETCBTC closed lower 59.60% of the time on the next trading day after the market condition occurred.
With seven out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are XRPUSD gaining 1.63% and ETHUSD closing 1.17% higher. None of the markets ended the day in the red. Looking at the other Minor Cryptocurrencies, the winners of the day have been BCNUSD surging 11.2% and SCBTC closing 6.25% higher. The worst performers of the day have been BTGBTC tanking -5.84% and ZECBTC closing -4.42% lower. Read more