ETHBTC rises to highest close since October 24th
Ethereum/Bitcoin Index (ETHBTC) Technical Analysis Report for Nov 09, 2019 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, ETHBTC ended Saturday at 0.02103 gaining BTC0.00010 (0.48%). Today's close at 0.02103 marks the highest recorded closing price since October 24th. Trading up to BTC0.00015 lower after the open, the market managed to reverse during the session as bulls took control ending the day above its opening price. The last time this happened on October 28th, ETHBTC gained 4.69% on the following trading day. Closing above Friday's high at 0.02097, Ethereum confirmed its breakout through the previous session high after trading up to BTC0.00008 above it intraday.
Daily Candlestick Chart (ETHBTC as at Nov 09, 2019):
Saturday's trading range has been BTC0.00027 (1.29%), that's below the last trading month's daily average range of BTC0.00068. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for ETHBTC.
After spiking up to 0.02105 during the day, Ether found resistance at the 50-day moving average at 0.02104.
The cryptocurrency shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bearish Bounce off SMA 50" stand out. Its common bearish interpretation has been confirmed for ETH/BTC. Out of 29 times, ETHBTC closed lower 75.86% 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 two trading days, showing a win rate of 72.41% with an average market move of -0.96%.
With five out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are LTCUSD gaining 2.57% and BCHUSD closing 1.29% higher. On the flipside the worst performers have been ETCUSD closing -0.8% lower and BTCUSD losing -0.16%. Looking at the other Minor Cryptocurrencies, the winners of the day have been KMDBTC surging 19.83% and KMDUSD closing 19.72% higher. The worst performers of the day have been SCBTC tanking -4.35% and PIVXBTC closing -4.06% lower. Read more