ETCBTC dominated by bulls lifting the market higher throughout the day


Ethereum Classic/Bitcoin Index (ETCBTC) Technical Analysis Report for Jan 22, 2020 | by Techniquant Editorial Team

Highlights

ETCBTC rises to highest close since June 3, 2019
ETCBTC dominated by bulls lifting the market higher throughout the day
ETCBTC closes higher for the 3rd day in a row
ETCBTC pushes through Tuesday's high
ETCBTC still stuck within tight trading range

Overview

Moving higher for the 3rd day in a row, ETCBTC ended Wednesday at 0.001077 gaining BTC0.000054 (5.28%). Today's close at 0.001077 marks the highest recorded closing price since June 3, 2019. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Tuesday's high at 0.001053, ETC confirmed its breakout through the previous session high after trading up to BTC0.000036 above it intraday.

Daily Candlestick Chart (ETCBTC as at Jan 22, 2020):

Daily technical analysis candlestick chart for Ethereum Classic/Bitcoin Index (ETCBTC) as at Jan 22, 2020

Wednesday's trading range has been BTC0.000067 (6.55%), that's slightly below the last trading month's daily average range of BTC0.000090. Weekly volatility is also lower, being below 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 0.001092 where it has been caught now for the whole last trading week.

One bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on January 15th, ETCBTC gained 6.40% on the following trading day.

The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.

Among the seven market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "3 Consecutive Higher Closes" stand out. Though it is usually interpreted as bullish, it has actually shown to be bearish for ETC/BTC. Out of 59 times, ETCBTC closed lower 64.41% 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 nine trading days, showing a win rate of 62.71% with an average market move of -1.86%.

With four out of the seven Major Cryptocurrencies closing lower today, the ones that stand out on the negative side are ETHUSD losing -1.2% and BTCUSD closing -0.99% lower. On the flipside the best performers have been ETCUSD closing 4.59% higher and LTCUSD gaining 0.47%. Looking at the other Minor Cryptocurrencies, the winners of the day have been XEMBTC surging 14.42% and XEMUSD closing 13.65% higher. The worst performers of the day have been XVGUSD tanking -5.09% and BTCCNY closing -4.77% lower. Read more


Market Conditions for ETCBTC as at Jan 22, 2020

Loading Market Conditions for ETCBTC (Ethereum Classic/Bitcoin Index)...
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ETCBTC closes within prior day's range

Sep 25, 2020
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