ETHBTC plummets, loses BTC0.00324 (-5.99%) within a single day


Ethereum/BTC Index (ETHBTC) Technical Analysis Report for Aug 11, 2018 [< 1 min read]
Highlights
ETHBTC crashes, loses BTC0.00324 (-5.99%) within a single day
ETHBTC dominated by bears dragging the market lower throughout the day
ETHBTC closes lower for the 3rd day in a row
ETHBTC ends the day on a bearish note closing near the low of the day
ETHBTC breaks below previous session low
TQ Sentiment
Report Sentiment: 66% Bearish
Technical Forecast:
Overview

Moving lower for the 3rd day in a row, ETHBTC finished Saturday at 0.05086 tanking BTC0.00324 (-5.99%) on low volume. This is the biggest single day loss in over two weeks. Today's closing price of 0.05086 marks the lowest close since December 29, 2017. The bears were in full control today, moving the market lower throughout the whole session. Closing below Friday's low at 0.05370, Ether confirms its breakout through the previous session's low having traded BTC0.00307 below it intraday. Ending with a weak close near the low of the day sets a bearish note for the next session.

Daily chart for ETHBTC
Volatility

Saturday's trading range was BTC0.00346 (6.41%), that's far above last trading month's daily average range of BTC0.00198. Weekly volatility is also higher, being way above the markets average with the monthly volatility being slightly below average.

Trend

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

Conclusion

Even though both sentiments are bearish for the next trading day, our quantitative statistics are only slightly bearish while the classical technical analysis metrics show a bearish sentiment.

Market Conditions for Ethereum/BTC Index
Condition Forecast Direction Win Avg Worst Best Events
Close to R1 Resistance TQ Pro Members Only
Close to Swing High TQ Pro Members Only
High close to previous High TQ Pro Members Only
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