ETCBTC closes lower for the 2nd day in a row
Ethereum Classic/Bitcoin Index (ETCBTC) Technical Analysis Report for Jun 01, 2020 | by Techniquant Editorial Team
Moving lower for the 2nd day in a row, ETCBTC finished Monday at 0.000706 losing BTC0.000028 (-3.81%). Ending with a weak close near the low of the day sets a bearish note for the next session.
Daily Candlestick Chart (ETCBTC as at Jun 01, 2020):
Monday's trading range has been BTC0.000047 (6.4%), that's above the last trading month's daily average range of BTC0.000034. Weekly volatility is also higher, being slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for ETCBTC.
One bearish candlestick pattern matches today's price action, the Black Candle.
Prices are trading close to the key technical support level at 0.000677 (S1). ETC closed back below the 20-day moving average at 0.000713 for the first time since May 22nd. When this moving average was crossed below the last time on May 6th, ETCBTC lost -4.82% on the following trading day. After having been unable to move lower than 0.000706 in the prior session, the cryptocurrency found buyers again around the same price level today at 0.000701.
Although the market is experiencing a short-term uptrend, this might just be a correction, as both the medium and long-term trends are still bearish.
Among the eight market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Low close to previous low" stand out. Though it is usually interpreted as bullish, it has actually shown to be bearish for ETC/BTC. Out of 429 times, ETCBTC closed lower 57.58% of the time on the next trading day after the market condition occurred.
With seven out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are BTCUSD gaining 8.05% and ETHUSD closing 7.11% higher. None of the markets ended the day in the red. Looking at the other Minor Cryptocurrencies, the winners of the day have been LTCGBP surging 18.45% and NEOUSD closing 13.82% higher. The worst performers of the day have been STEEMBTC tanking -9.09% and XVGBTC closing -6.67% lower. Read more