ETCUSD runs into sellers again around 4.21
Ethereum Classic/US Dollar Index (ETCUSD) Technical Analysis Report for Feb 10, 2019 | by Techniquant Editorial Team
ETCUSD ended Sunday at 4.21 gaining $0.10 (2.43%). Trading up to $0.15 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 Thursday, ETCUSD gained 7.24% on the following trading day. Ending with a strong close near the high of the day sets a bullish note for the next session.
Daily Candlestick Chart (ETCUSD as at Feb 10, 2019):
Sunday's trading range has been $0.24 (5.83%), that's slightly above the last trading month's daily average range of $0.20. Weekly volatility is also higher, being slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for ETCUSD.
Two candlestick patterns are matching today's price action, the Bullish Closing Marubozu and the Tweezer Top which are both known as bullish patterns.
Prices are trading close to the key technical resistance level at 4.22 (R1). After having been unable to move above 4.21 in the prior session, the market ran into sellers again around the same price level today, failing to move higher than 4.21.
Although the cryptocurrency is experiencing a short-term uptrend, this could just be a correction, as both the medium and long-term trends are still bearish.
Buying might speed up should prices move above the close-by swing high at 4.35 where further buy stops could get activated.
Among the eight market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Tweezer Top" stand out. Its common bullish interpretation has been confirmed for ETC/USD. Out of 13 times, ETCUSD closed higher 69.23% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 61.54% with an average market move of 24.15%.
With four out of the other six Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are LTCUSD gaining 5.94% and ETHUSD closing 5.17% higher. On the flipside the worst performers have been XRPUSD closing -0.51% lower and BCHUSD losing -0.41%. Looking at the Minor Cryptocurrencies, the winners of the day have been HSRBTC surging 9.24% and LTCGBP closing 6.51% higher. The worst performers of the day have been BCNUSD tanking -4.57% and TRXBTC closing -1.95% lower. Read more