ETCBTC breaks above 20-day moving average for the first time since May 5th
Ethereum Classic/Bitcoin Index (ETCBTC) Technical Analysis Report for May 23, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, ETCBTC finished Saturday at 0.000714 gaining BTC0.000009 (1.28%) on low volume. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range in a lackluster session.
Daily Candlestick Chart (ETCBTC as at May 23, 2020):
Saturday's trading range has been BTC0.000024 (3.4%), that's below the last trading month's daily average range of BTC0.000036. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for ETCBTC.
ETC/BTC managed to close above the 20-day moving average at 0.000710 for the first time since May 5th. Unable to break through the key technical resistance level at 0.000720 (R1), the cryptocurrency closed below it after spiking up to 0.000721 earlier during the day. The failure to close above the resistance could increase that levels significance going forward. After having been unable to move above 0.000719 in the prior session, the market ran into sellers again around the same price level today, failing to move higher than 0.000721. The last time this happened on Thursday, ETCBTC actually gained 4.29% on the following trading day.
While ETC is experiencing a short-term uptrend, this might just be a correction, as both the medium and long-term trends are still bearish.
Buying could accelerate should prices move above the close-by swing high at 0.000725 where further buy stops might get triggered.
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 333 times, ETCBTC closed lower 59.16% 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 EOSUSD losing -1.16% and LTCUSD closing -0.81% lower. On the flipside the best performers have been ETCUSD closing 1.55% higher and BTCUSD gaining 0.23%. Looking at the other Minor Cryptocurrencies, the winners of the day have been BCNUSD surging 10.84% and XVGUSD closing 5.05% higher. The worst performers of the day have been HSRBTC tanking -9.88% and ARDRBTC closing -9.27% lower. Read more