ETHBTC finds buyers again around 0.02084
Ethereum/Bitcoin Index (ETHBTC) Technical Analysis Report for Nov 10, 2019 | by Techniquant Editorial Team
ETHBTC finished Sunday at 0.02090 losing BTC0.00013 (-0.62%). Trading BTC0.00055 higher after the open, the cryptocurrency was unable to hold its gains as the bears took control ending the day below its opening price. Closing within the previous day's range, prices missed to decisively move beyond the prior day's trading range.
Daily Candlestick Chart (ETHBTC as at Nov 10, 2019):
Sunday's trading range has been BTC0.00070 (3.33%), that's slightly above the last trading month's daily average range of BTC0.00069. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for ETHBTC.
One bearish candlestick pattern matches today's price action, the Shooting Star.
Prices are trading close to the key technical support level at 0.02053 (S1). Unable to break through the key technical resistance level at 0.02145 (R1), Ethereum closed below it after spiking up to 0.02154 earlier during the day. The failure to close above the resistance could increase that levels importance going forward. When prices bounced off a significant resistance level the last time on Wednesday, ETHBTC lost -1.03% on the following trading day. After having been unable to move lower than 0.02078 in the previous session, ETH/BTC found buyers again around the same price level today at 0.02084.
Ether 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 "Bounced off Technical Resistance R1" stand out. Its common bearish interpretation has been confirmed for ETH/BTC. Out of 230 times, ETHBTC closed lower 60.87% of the time on the next trading day after the market condition occurred.
With six out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are BCHUSD gaining 3.73% and EOSUSD closing 3.16% higher. On the flipside the worst performer has been XRPUSD closing -0.14% lower. Looking at the other Minor Cryptocurrencies, the winners of the day have been XLMUSD surging 8.52% and VETBTC closing 6.78% higher. The worst performers of the day have been KMDBTC tanking -9.82% and KMDUSD closing -7.06% lower. Read more