ETCUSD stuck within tight trading range

Ethereum Classic/USD Index (ETCUSD) Technical Analysis Report for Sep 15, 2018

Highlights

ETCUSD finds buyers again around 10.93
ETCUSD rises to highest close since September 7th
ETCUSD stuck within tight trading range
ETCUSD closes within previous day's range

TQ Sentiment

Report Sentiment: 33% Bullish
Technical Forecast:

Overview

ETCUSD finished Saturday at 11.35 gaining $0.36 (3.28%) on low volume. Today's closing price of 11.35 marks the highest close since September 7th. Closing within the prior day's range, prices failed to decisively move past the previous day's trading range.

Daily chart for ETCUSD

Volatility

Saturday's trading range was $0.63 (5.74%), that's slightly below last trading month's daily average range of $0.76. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly above average. Prices continued to consolidate within a tight trading range between 10.70 and 11.56 which it has been in now for the last three days.

Price Action

Even with a weak opening the cryptocurrency managed to close above the prior day's open and close, forming a bullish Engulfing Candle.

Support/Resistance

After having been unable to move lower than 10.90 in the previous session, ETC/USD found buyers again around the same price level today at 10.93.

Trend

The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.

Order Flow

Buying could accelerate should prices move above the close-by swing high at 12.26 where further buy stops might get activated.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bearish.

Market Conditions for Ethereum Classic/USD Index

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