ETCUSD closes within prior day's range
Ethereum Classic/US Dollar Index (ETCUSD) Technical Analysis Report for Nov 10, 2019 | by Techniquant Editorial Team
ETCUSD finished Sunday at 5.04 gaining $0.08 (1.61%). Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range.
Daily Candlestick Chart (ETCUSD as at Nov 10, 2019):
Sunday's trading range has been $0.25 (5.04%), that's slightly 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.
Notwithstanding a weak opening the cryptocurrency managed to close above the prior day's open and close, forming a bullish Engulfing Candle. Additionally, one bullish candlestick pattern matches today's price action, the Tweezer Bottom. The last time a Tweezer Bottom showed up on October 20th, ETCUSD gained 2.86% on the following trading day.
After having been unable to move lower than 4.93 in the previous session, ETC/USD found buyers again around the same price level today at 4.93.
While the market is experiencing a short-term uptrend, this could just be a correction, as both the medium and long-term trends are still bearish.
Selling might speed up should prices move below the nearby swing low at 4.77 where further sell stops could get activated.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bullish Engulfing Candle" stand out. Although it is usually interpreted as bullish, it has actually shown to be bearish for ETC/USD. Out of 85 times, ETCUSD closed lower 63.53% of the time on the next trading day after the market condition occurred.
With five out of the other six Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are BCHUSD gaining 3.73% and EOSUSD closing 3.16% higher. On the flipside the worst performer has been XRPUSD closing -0.14% lower. Looking at the Minor Cryptocurrencies, the winners of the day have been XLMUSD surging 8.52% and VETBTC closing 6.78% higher. The worst performers of the day have been KMDBTC tanking -9.82% and KMDUSD closing -7.06% lower. Read more