ETCBTC closes within previous day's range
Ethereum Classic/Bitcoin Index (ETCBTC) Technical Analysis Report for Oct 17, 2020 | by Techniquant Editorial Team
ETCBTC ended Saturday at 0.000463 gaining BTC0.000002 (0.43%). Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range.
Daily Candlestick Chart (ETCBTC as at Oct 17, 2020):
Saturday's trading range has been BTC0.000020 (4.34%), that's far above the last trading month's daily average range of BTC0.000013. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for ETCBTC.
Prices are trading close to the key technical support level at 0.000457 (S1).
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Selling could speed up should prices move below the close-by swing low at 0.000457 where further sell stops might get triggered. With prices trading close to this year's low at 0.000429, downside momentum could accelerate should the cryptocurrency break out to new lows for the year.
Among the two market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Close to Swing Low" stand out. Although it is usually interpreted as neutral, it has actually shown to be bearish for ETC/BTC. Out of 612 times, ETCBTC closed lower 54.58% 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 nine trading days, showing a win rate of 60.13% with an average market move of 0.33%.
With four out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are ETHUSD gaining 0.81% and BTCUSD closing 0.37% higher. On the flipside the worst performers have been BCHUSD closing -2.05% lower and LTCUSD losing -1.43%. Looking at the other Minor Cryptocurrencies, the winners of the day have been WAVESUSD surging 8.14% and WAVESBTC closing 7.59% higher. The worst performers of the day have been BCNUSD tanking -10.94% and BCHBTC closing -2.26% lower. Read more