ETCBTC breaks back above 20-day moving average
Ethereum Classic/Bitcoin Index (ETCBTC) Technical Analysis Report for Feb 10, 2020 | by Techniquant Editorial Team
ETCBTC ended Monday at 0.001201 gaining BTC0.000048 (4.16%). Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range.
Daily Candlestick Chart (ETCBTC as at Feb 10, 2020):
Monday's trading range has been BTC0.000093 (8.07%), that's slightly below the last trading month's daily average range of BTC0.000102. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently strongly lower than usual for ETCBTC. Prices continued to consolidate within a tight trading range between 0.001128 and 0.001227 where it has been caught now for the last three trading days.
Even with a weak opening ETC managed to close above the prior day's open and close, forming a bullish Engulfing Candle. The last time this candlestick pattern showed up on December 25, 2019, ETCBTC gained 11.43% on the following trading day. Additionally, one bullish candlestick pattern matches today's price action, the White Candle.
The cryptocurrency managed to close back above the 20-day moving average at 0.001179. ETC/BTC ran into sellers again today around 0.001227 for the third trading day in a row after having found sellers at 0.001225 in the previous session and at 0.001224 two days ago.
While the market is currently in a short-term downtrend, this could just be a correction, as both the medium and long-term trends are still bullish.
Selling might accelerate should prices move below the close-by swing low at 0.001128 where further sell stops could get activated. With prices trading close to this year's high at 0.001373, upside momentum might speed up should ETCBTC be able to break out to new highs for the year.
Among the eight market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "White Candle" stand out. Although it is usually interpreted as bullish, it has actually shown to be bearish for ETC/BTC. Out of 209 times, ETCBTC closed lower 58.85% of the time on the next trading day after the market condition occurred.
With five out of the seven Major Cryptocurrencies closing lower today, the ones that stand out on the negative side are LTCUSD losing -4.08% and XRPUSD closing -3.95% lower. On the flipside the best performers have been BCHUSD closing 0.78% higher and ETCUSD gaining 0.77%. Looking at the other Minor Cryptocurrencies, the winners of the day have been WAVESBTC surging 34.1% and WAVESUSD closing 30.91% higher. The worst performers of the day have been BCNUSD tanking -34.32% and DOGEUSD closing -8.65% lower. Read more