ETCBTC closes within previous day's range after lackluster session
Ethereum Classic/Bitcoin Index (ETCBTC) Technical Analysis Report for Oct 18, 2020 | by Techniquant Editorial Team
ETCBTC ended Sunday at 0.000462 edging lower BTC0.000001 (-0.22%) on low volume. Trading BTC0.000007 higher after the open, ETC was unable to hold its gains as the bears took control ending the day below its opening price. The last time this happened on Friday, ETCBTC actually gained 0.43% on the following trading day. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range in a lackluster session.
Daily Candlestick Chart (ETCBTC as at Oct 18, 2020):
Sunday's trading range has been BTC0.000008 (1.73%), that's below the last trading month's daily average range of BTC0.000013. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for ETCBTC.
During the whole day, prices traded within the previous day's range, unable to trade above the prior day's high or below the previous day's low forming an Inside Bar.
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 accelerate should prices move below the nearby swing low at 0.000457 where further sell stops might get triggered.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Down Close Near Low of Period" stand out. Its common bearish interpretation has been confirmed for ETC/BTC. Out of 313 times, ETCBTC closed lower 55.59% 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 10 trading days, showing a win rate of 59.42% with an average market move of -0.49%.
With six out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are ETHUSD gaining 2.69% and BCHUSD closing 1.76% higher. On the flipside the worst performer has been ETCUSD closing -0.36% lower. Looking at the other Minor Cryptocurrencies, the winners of the day have been BCNUSD surging 13.16% and VETBTC closing 5.15% higher. The worst performers of the day have been WAVESBTC tanking -5.27% and WAVESUSD closing -4.08% lower. Read more