ETCUSD closes within prior day's range
Ethereum Classic/US Dollar Index (ETCUSD) Technical Analysis Report for Jun 01, 2020 | by Techniquant Editorial Team
ETCUSD finished Monday at 7.23 gaining $0.28 (4.03%). The bulls were in full control today, moving the market higher throughout the whole session. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range.
Daily Candlestick Chart (ETCUSD as at Jun 01, 2020):
Monday's trading range has been $0.37 (5.32%), that's slightly below the last trading month's daily average range of $0.38. 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.
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 bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on May 30th, ETCUSD actually lost -7.09% on the following trading day.
Although still in a long-term downtrend, the short and medium-term trends both turned bullish already.
Buying could speed up should prices move above the close-by swing high at 7.56 where further buy stops might get triggered. Further buying could move prices higher should the market test May's nearby high at 7.66.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Close near high of period" stand out. Though it is usually interpreted as bullish, it has actually shown to be bearish for ETC/USD. Out of 215 times, ETCUSD closed lower 61.86% of the time on the next trading day after the market condition occurred.
With six out of the other six Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are BTCUSD gaining 8.05% and ETHUSD closing 7.11% higher. None of the markets ended the day in the red. Looking at the Minor Cryptocurrencies, the winners of the day have been LTCGBP surging 18.45% and NEOUSD closing 13.82% higher. The worst performers of the day have been STEEMBTC tanking -9.09% and XVGBTC closing -6.67% lower. Read more