ETCUSD stuck within tight trading range
Ethereum Classic/USD Index (ETCUSD) Technical Analysis Report for Sep 15, 2018
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.
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.
Even with a weak opening the cryptocurrency managed to close above the prior day's open and close, forming a bullish Engulfing Candle.
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.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Buying could accelerate should prices move above the close-by swing high at 12.26 where further buy stops might get activated.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bearish.
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