ETHBTC pushes through Friday's high
Ethereum/Bitcoin Index (ETHBTC) Technical Analysis Report for Oct 13, 2018 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, ETHBTC finished Saturday at 0.03176 gaining BTC0.00041 (1.31%). Closing above Friday's high at 0.03170, ETH/BTC confirmed its breakout through the prior session high after trading up to BTC0.00030 above it intraday.
Daily Candlestick Chart (ETHBTC as at Oct 13, 2018):
Saturday's trading range has been BTC0.00078 (2.49%), that's below the last trading month's daily average range of BTC0.00130. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for ETHBTC.
One bullish candlestick pattern matches today's price action, the White Candle.
Crossing above the lower Bollinger Band, prices have lost at least some of their downward momentum in the short-term and could now be heading back up towards the mean of the Bollinger Bands at 0.03383. The last time this happened on September 12th, ETHBTC gained 14.02% on the following trading day.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Selling might speed up should prices move below the nearby swing low at 0.03065 where further sell stops could get activated.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the Technical Indicators based market condition "Close crossed above the lower Bollinger Band" stand out. Though it is usually interpreted as bullish, it has actually shown to be bearish for ETH/BTC. Out of 36 times, ETHBTC closed lower 61.11% 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 four trading days, showing a win rate of 58.33% with an average market move of -0.20%.
With five out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are ETHUSD gaining 1.6% and EOSUSD closing 1.54% higher. On the flipside the worst performer has been XRPUSD closing -0.38% lower. Looking at the other Minor Cryptocurrencies, the winners of the day have been STEEMBTC surging 5.26% and SCBTC closing 4.08% higher. The worst performers of the day have been BCNUSD tanking -4.43% and BTGBTC closing -2.26% lower. Read more