ETCBTC closes within prior day's range after lackluster session
Ethereum Classic/Bitcoin Index (ETCBTC) Technical Analysis Report for Feb 12, 2020 | by Techniquant Editorial Team
ETCBTC finished Wednesday at 0.001186 gaining BTC0.000016 (1.37%). Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range in a lackluster session.
Daily Candlestick Chart (ETCBTC as at Feb 12, 2020):
Wednesday's trading range has been BTC0.000040 (3.42%), that's far below the last trading month's daily average range of BTC0.000100. Weekly volatility is also lower, being below 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 0.001242 where it has been caught now for the whole last trading week.
During the whole day, prices traded within the prior day's range, unable to trade above the previous day's high or below the prior day's low forming an Inside Bar.
Prices are trading close to the key technical support level at 0.001149 (S1).
Although the market is currently in a short-term downtrend, this might just be a correction, as both the medium and long-term trends are still bullish.
Buying could speed up should prices move above the close-by swing high at 0.001242 where further buy stops might get triggered. Selling could accelerate should prices move below the nearby swing low at 0.001128 where further sell stops might get activated.
Among the two market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Close to Swing High" stand out. Though it is usually interpreted as neutral, it has actually shown to be bearish for ETC/BTC. Out of 406 times, ETCBTC closed lower 60.34% 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 five trading days, showing a win rate of 55.67% with an average market move of -0.02%.
With seven out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are ETHUSD gaining 12.81% and XRPUSD closing 9.26% higher. None of the markets ended the day in the red. Looking at the other Minor Cryptocurrencies, the winners of the day have been ETHJPY surging 13.27% and ETHCNY closing 12.89% higher. The worst performers of the day have been LSKBTC tanking -4.98% and LSKUSD closing -3.88% lower. Read more