ETHBTC snaps to lowest close since December 27, 2018
Ethereum/Bitcoin Index (ETHBTC) Technical Analysis Report for Jan 12, 2019 | by Techniquant Editorial Team
Moving lower for the 3rd day in a row, ETHBTC ended Saturday at 0.03438 edging lower BTC0.00009 (-0.26%). Today's close at 0.03438 marks the lowest recorded closing price since December 27, 2018. Trading BTC0.00034 higher after the open, Ether was unable to hold its gains as the bears took control ending the day below its opening price. The last time this happened on December 21, 2018, ETHBTC actually gained 3.35% on the following trading day. Closing within the previous day's range, prices missed to decisively move beyond the prior day's trading range in a lackluster session.
Daily Candlestick Chart (ETHBTC as at Jan 12, 2019):
Saturday's trading range has been BTC0.00074 (2.14%), that's far below the last trading month's daily average range of BTC0.00208. Weekly volatility is also lower, being way below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for ETHBTC.
During the whole day, prices traded within the previous day's range, unable to trade above the prior day's high or below the previous day's low forming an Inside Bar.
Prices are trading close to the key technical support level at 0.03351 (S1).
While ETH/BTC is currently in a short-term downtrend, this could just be a correction, as both the medium and long-term trends are still bullish.
Selling might speed up should prices move below the nearby swing low at 0.03377 where further sell stops could get activated.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Close to Swing Low" stand out. Although it is usually interpreted as neutral, it has actually shown to be bearish for ETH/BTC. Out of 423 times, ETHBTC closed lower 53.90% 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 three trading days, showing a win rate of 54.14% with an average market move of 0.71%.
With five out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are BCHUSD gaining 3.0% and ETCUSD closing 1.55% higher. On the flipside the worst performers have been ETHUSD closing -0.72% lower and BTCUSD losing -0.05%. Looking at the other Minor Cryptocurrencies, the winners of the day have been HSRBTC surging 48.59% and LSKUSD closing 6.56% higher. The worst performers of the day have been TRXUSD tanking -7.9% and TRXBTC closing -6.57% lower. Read more