ETCBTC dominated by bears dragging the market lower throughout the day
Ethereum Classic/Bitcoin Index (ETCBTC) Technical Analysis Report for Jan 23, 2020 | by Techniquant Editorial Team
ETCBTC ended Thursday at 0.001004 losing BTC0.000073 (-6.78%). The bears were in full control today, moving the market lower throughout the whole session. Closing below Wednesday's low at 0.001022, ETC confirmed its breakout through the prior session low after trading up to BTC0.000041 below it intraday.
Daily Candlestick Chart (ETCBTC as at Jan 23, 2020):
Thursday's trading range has been BTC0.000099 (9.19%), that's slightly above the last trading month's daily average range of BTC0.000093. Things look different on the weekly timeframe, where the market's trading range of the last week has been below the market's average weekly trading range. The longer-term, monthly volatility is currently strongly higher than usual for ETCBTC.
Even with a strong opening the cryptocurrency closed below the previous day's open and close, forming a bearish Engulfing Candle. Additionally, one bearish candlestick pattern matches today's price action, the Black Candle.
After having been unable to move above 0.001089 in the prior session, ETC/BTC ran into sellers again around the same price level today, failing to move higher than 0.001080. The last time this happened on Tuesday, ETCBTC actually gained 5.28% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "High close to previous High" stand out. Its common bearish interpretation has been confirmed for ETC/BTC. Out of 303 times, ETCBTC closed lower 59.41% 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 ETCUSD losing -9.63% and LTCUSD closing -6.3% 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 BCNUSD surging 19.15% and LSKBTC closing 7.06% higher. The worst performers of the day have been BTGUSD tanking -9.33% and XEMUSD closing -9.01% lower. Read more