ETCUSD finds buyers again around 7.32


Ethereum Classic/US Dollar Index (ETCUSD) Technical Analysis Report for Aug 01, 2020 | by Techniquant Editorial Team

Highlights

ETCUSD pushes through key technical resistance level
ETCUSD rises to highest close since March 7th
ETCUSD dominated by bulls lifting the market higher throughout the day
ETCUSD closes higher for the 6th day in a row
ETCUSD finds buyers again around 7.32

Overview

Moving higher for the 6th day in a row, ETCUSD ended Saturday at 7.84 surging $0.43 (5.8%) on high volume. Today's close at 7.84 marks the highest recorded closing price since March 7th. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Friday's high at 7.59, ETC/USD confirmed its breakout through the previous session high after trading up to $0.37 above it intraday.

Daily Candlestick Chart (ETCUSD as at Aug 01, 2020):

Daily technical analysis candlestick chart for Ethereum Classic/US Dollar Index (ETCUSD) as at Aug 01, 2020

Saturday's trading range has been $0.64 (8.64%), that's far above the last trading month's daily average range of $0.34. Weekly volatility is also higher, being way above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for ETCUSD.

One bullish candlestick pattern matches today's price action, the White Candle.

Buyers managed to take out the key technical resistance level at 7.56 (now S1), which is likely to act as support going forward. The last time this happened on July 27th, ETCUSD gained 1.54% on the following trading day. After having been unable to move lower than 7.26 in the prior session, the market found buyers again around the same price level today at 7.32.

Crossing above the upper Bollinger Band for the first time since Thursday, prices have shown unusually strong upward momentum in the short-term. This could either indicate a potential buying climax after which prices might head back down towards the mean of the Bollinger Bands at 6.60 or signal the beginning of a strong momentum breakout leading to even higher prices.

The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.

Among the 12 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. While it is usually interpreted as bullish, it has actually shown to be bearish for ETC/USD. Out of 227 times, ETCUSD closed lower 61.67% 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 XRPUSD gaining 12.04% and ETHUSD closing 11.71% higher. None of the markets ended the day in the red. Looking at the Minor Cryptocurrencies, the winners of the day have been ZECUSD surging 19.59% and DOGEUSD closing 15.6% higher. The worst performers of the day have been STRATBTC tanking -4.08% and ARDRBTC closing -4.0% lower. Read more


Market Conditions for ETCUSD as at Aug 01, 2020

Loading Market Conditions for ETCUSD (Ethereum Classic/US Dollar Index)...
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