ETCBTC runs into sellers again around 0.000450
Ethereum Classic/Bitcoin Index (ETCBTC) Technical Analysis Report for Oct 23, 2020 | by Techniquant Editorial Team
ETCBTC finished the week -5.41% lower at 0.000437 after losing BTC0.000009 (-2.02%) today. Closing within the previous day's range, prices missed to decisively move beyond the prior day's trading range.
Daily Candlestick Chart (ETCBTC as at Oct 23, 2020):
Friday's trading range has been BTC0.000015 (3.36%), that's slightly above the last trading month's daily average range of BTC0.000015. Weekly volatility is also higher, being above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for ETCBTC.
One bearish candlestick pattern matches today's price action, the Black Candle.
After having been unable to move above 0.000449 in the previous session, ETC ran into sellers again around the same price level today, failing to move higher than 0.000450. The last time this happened on October 15th, ETCBTC lost -0.65% on the following trading day.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "High close to prior High" stand out. Its common bearish interpretation has been confirmed for ETC/BTC. Out of 375 times, ETCBTC closed lower 60.53% 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 61.87% with an average market move of 0.04%.