ETHBTC plunges, losing BTC0.00047 (-2.18%) within a single day on high volume

Ethereum/Bitcoin Index (ETHBTC) Technical Analysis Report for Nov 21, 2019 | by Techniquant Editorial Team


ETHBTC crashes, losing BTC0.00047 (-2.18%) within a single day on high volume
ETHBTC breaks back below 50-day moving average
ETHBTC finds support at 20-day moving average
ETHBTC closes lower for the 3rd day in a row
ETHBTC breaks below Wednesday's low


Moving lower for the 3rd day in a row, ETHBTC ended Thursday at 0.02111 tanking BTC0.00047 (-2.18%) on high volume. This is the biggest single-day loss in over three weeks. Closing below Wednesday's low at 0.02147, the cryptocurrency confirmed its breakout through the prior session low after trading up to BTC0.00062 below it intraday.

Daily Candlestick Chart (ETHBTC as at Nov 21, 2019):

Daily technical analysis candlestick chart for Ethereum/Bitcoin Index (ETHBTC) as at Nov 21, 2019

Thursday's trading range has been BTC0.00083 (3.85%), that's far above the last trading month's daily average range of BTC0.00046. Weekly volatility is also higher, being slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for ETHBTC.

One bearish candlestick pattern matches today's price action, the Black Candle. The last time a Black Candle showed up on November 7th, ETHBTC actually gained 3.36% on the following trading day.

After trading as low as 0.02085 during the day, ETH/BTC found support at the 20-day moving average at 0.02094. ETH closed back below the 50-day moving average at 0.02113 for the first time since November 10th.

Although still in a long-term uptrend, the short and medium-term trends both turned bearish already.

Among the nine market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Price broke through Technical Support S1" stand out. Its common bearish interpretation has been confirmed for ETH/BTC. Out of 159 times, ETHBTC closed lower 58.49% 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 10 trading days, showing a win rate of 64.15% with an average market move of -0.65%.

With seven out of the seven Major Cryptocurrencies closing lower today, the ones that stand out on the negative side are EOSUSD losing -8.74% and ETHUSD closing -8.11% lower. None of the markets managed to end the day in the green. Looking at the other Minor Cryptocurrencies, the winners of the day have been XRPBTC surging 3.14% and ETCBTC closing 2.24% higher. The worst performers of the day have been ETHCNY tanking -11.28% and LTCCNY closing -11.12% lower. Read more

Market Conditions for ETHBTC as at Nov 21, 2019

Loading Market Conditions for ETHBTC (Ethereum/Bitcoin Index)...
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