ETCUSD closes lower for the 2nd day in a row
Ethereum Classic/US Dollar Index (ETCUSD) Technical Analysis Report for Nov 09, 2019 | by Techniquant Editorial Team
Moving lower for the 2nd day in a row, ETCUSD ended Saturday at 4.96 losing $0.04 (-0.8%) on low volume. Trading $0.07 higher after the open, the market was unable to hold its gains as the bears took control ending the day below its opening price. The last time this happened on November 3rd, ETCUSD actually gained 1.02% on the following trading day. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range in a lackluster session.
Daily Candlestick Chart (ETCUSD as at Nov 09, 2019):
Saturday's trading range has been $0.12 (2.41%), that's far below the last trading month's daily average range of $0.31. Weekly volatility is also lower, being slightly below 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 prior day's range, unable to trade above the previous day's high or below the prior day's low forming an Inside Bar. Additionally, one bearish candlestick pattern matches today's price action, the Bearish Spinning Top.
Prices are trading close to the key technical support level at 4.77 (S1).
Though the cryptocurrency is experiencing a short-term uptrend, this might just be a correction, as both the medium and long-term trends are still bearish.
Selling could speed up should prices move below the close-by swing low at 4.77 where further sell stops might get triggered.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bearish Spinning Top" stand out. Although it is usually interpreted as bearish, it has actually shown to be bullish for ETC/USD. Out of 121 times, ETCUSD closed higher 52.89% 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 54.55% with an average market move of 5.63%.
With five out of the other six Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are LTCUSD gaining 2.57% and BCHUSD closing 1.29% higher. On the flipside the worst performer has been BTCUSD closing -0.16% lower. Looking at the Minor Cryptocurrencies, the winners of the day have been KMDBTC surging 19.83% and KMDUSD closing 19.72% higher. The worst performers of the day have been SCBTC tanking -4.35% and PIVXBTC closing -4.06% lower. Read more