ETCUSD fails to close above 20-day moving average
Ethereum Classic/US Dollar Index (ETCUSD) Technical Analysis Report for May 23, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, ETCUSD ended Saturday at 6.56 gaining $0.10 (1.55%). 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 May 23, 2020):
Saturday's trading range has been $0.24 (3.72%), that's below the last trading month's daily average range of $0.46. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for ETCUSD.
The cryptocurrency managed to close above the 100-day moving average at 6.49 for the first time since May 2nd. After spiking up to 6.63 during the day, ETC/USD found resistance at the 20-day moving average at 6.61. After having been unable to move above 6.61 in the prior session, the market ran into sellers again around the same price level today, failing to move higher than 6.63. The last time this happened on Wednesday, ETCUSD lost -4.95% on the following trading day.
While still in a long-term downtrend, the short and medium-term trends both turned bullish already.
Buying might speed up should prices move above the nearby swing high at 6.92 where further buy stops could get activated.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bearish Bounce off SMA 20" stand out. Its common bearish interpretation has been confirmed for ETC/USD. Out of 63 times, ETCUSD closed lower 55.56% 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 10 trading days, showing a win rate of 57.14% with an average market move of -0.56%.
With five out of the other six Major Cryptocurrencies closing lower today, the ones that stand out on the negative side are EOSUSD losing -1.16% and LTCUSD closing -0.81% lower. On the flipside the best performer has been BTCUSD closing 0.23% higher. Looking at the Minor Cryptocurrencies, the winners of the day have been BCNUSD surging 10.84% and XVGUSD closing 5.05% higher. The worst performers of the day have been HSRBTC tanking -9.88% and ARDRBTC closing -9.27% lower. Read more