ETCUSD pushes through Friday's high
Ethereum Classic/US Dollar Index (ETCUSD) Technical Analysis Report for Nov 21, 2020 | by Techniquant Editorial Team
ETCUSD finished Saturday at 6.66 surging $0.47 (7.59%) on high volume. Today's close at 6.66 marks the highest recorded closing price since September 1st. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Friday's high at 6.56, ETC/USD confirmed its breakout through the previous session high after trading up to $0.15 above it intraday.
Daily Candlestick Chart (ETCUSD as at Nov 21, 2020):
Saturday's trading range has been $0.59 (9.53%), that's above the last trading month's daily average range of $0.41. Weekly volatility is also higher, being way above the market's average weekly trading range. The longer-term, monthly volatility is currently higher than usual for ETCUSD. Prices continued to consolidate within a tight trading range between 6.08 and 6.72 where it has been caught now for the last three trading days.
Two candlestick patterns are matching today's price action, the White Candle which is known as bullish pattern and one bearish pattern, the Last Engulfing Top Pattern. The last time a White Candle showed up on Tuesday, ETCUSD gained 7.16% on the following trading day.
The cryptocurrency managed to close back above the 200-day moving average at 6.22. The market found buyers again today around 6.12 for the third trading day in a row after having found demand at 6.08 in the prior session and at 6.10 two days ago.
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 5.40 or signal the beginning of a strong momentum breakout leading to even higher prices.
While still in a long-term downtrend, the short and medium-term trends both turned bullish already.
Among the 16 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 235 times, ETCUSD closed lower 60.43% of the time on the next trading day after the market condition occurred.