ETCUSD closes within prior day's range
Ethereum Classic/US Dollar Index (ETCUSD) Technical Analysis Report for Oct 17, 2019 | by Techniquant Editorial Team
ETCUSD finished Thursday at 4.50 gaining $0.06 (1.35%). Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range.
Daily Candlestick Chart (ETCUSD as at Oct 17, 2019):
Thursday's trading range has been $0.19 (4.28%), that's slightly below the last trading month's daily average range of $0.25. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently lower 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.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Selling might accelerate should prices move below the nearby swing low at 4.25 where further sell stops could get activated.
With six out of the other six Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are XRPUSD gaining 5.51% and LTCUSD closing 4.47% higher. None of the markets ended the day in the red. Looking at the Minor Cryptocurrencies, the winners of the day have been XEMUSD surging 20.16% and XEMBTC closing 18.78% higher. The worst performers of the day have been BCNUSD tanking -2.83% and PIVXBTC closing -1.03% lower. Read more