ETCUSD closes above its opening price after recovering from early selling pressure
Ethereum Classic/US Dollar Index (ETCUSD) Technical Analysis Report for Oct 13, 2018 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, ETCUSD finished Saturday at 9.51 gaining $0.03 (0.32%). Trading up to $0.08 lower after the open, ETC/USD managed to reverse during the session as bulls took control ending the day above its opening price. The last time this happened on October 8th, ETCUSD actually lost -0.46% on the following trading day. Closing within the previous day's range, prices missed to decisively move beyond the prior day's trading range in a lackluster session.
Daily Candlestick Chart (ETCUSD as at Oct 13, 2018):
Saturday's trading range has been $0.18 (1.9%), that's below the last trading month's daily average range of $0.44. Things look different on the weekly timeframe, where the market's trading range of the last week has been above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for ETCUSD.
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. Additionally, one bullish candlestick pattern matches today's price action, the Bullish Spinning Top.
With another close below the lower Bollinger Band, prices are confirming their strong downward momentum in the short-term. A rally back into the Bollinger Band on the next trading day although could signal a potential change in momentum that might lead to a correction back up towards the center of the Bollinger Bands at 10.85.
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 9.08 where further sell stops might get triggered.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Bullish Intraday Reversal" stand out. Though it is usually interpreted as bullish, it has actually shown to be bearish for ETC/USD. Out of 106 times, ETCUSD closed lower 59.43% 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 five trading days, showing a win rate of 54.72% with an average market move of -0.82%.
With four out of the other six Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are ETHUSD gaining 1.6% and EOSUSD closing 1.54% higher. On the flipside the worst performer has been XRPUSD closing -0.38% lower. Looking at the Minor Cryptocurrencies, the winners of the day have been STEEMBTC surging 5.26% and SCBTC closing 4.08% higher. The worst performers of the day have been BCNUSD tanking -4.43% and BTGBTC closing -2.26% lower. Read more