ETCBTC closes within previous day's range
Ethereum Classic/Bitcoin Index (ETCBTC) Technical Analysis Report for Jan 25, 2020 | by Techniquant Editorial Team
ETCBTC finished Saturday at 0.001007 losing BTC0.000013 (-1.27%). Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range.
Daily Candlestick Chart (ETCBTC as at Jan 25, 2020):
Saturday's trading range has been BTC0.000060 (5.88%), that's slightly below the last trading month's daily average range of BTC0.000098. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently notably higher than usual for ETCBTC.
During the whole day, prices traded within the previous day's range, unable to trade above the prior day's high or below the previous day's low forming an Inside Bar.
After having been unable to move above 0.001041 in the prior session, ETC/BTC ran into sellers again around the same price level today, failing to move higher than 0.001031. The last time this happened on Thursday, ETCBTC actually gained 1.59% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Selling could accelerate should prices move below the close-by swing low at 0.000949 where further sell stops might get activated.
Among the two 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 304 times, ETCBTC closed lower 59.21% 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 -2.44% and BCHUSD closing -1.94% 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 LSKBTC surging 5.56% and LSKUSD closing 5.26% higher. The worst performers of the day have been BCNUSD tanking -9.42% and TRXUSD closing -3.86% lower. Read more