ETHBTC climbs to highest close since May 17, 2019
Ethereum/Bitcoin Index (ETHBTC) Technical Analysis Report for Aug 01, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, ETHBTC finished Saturday at 0.03280 surging BTC0.00224 (7.33%) on high volume. This is the biggest single-day gain in over three months. Today's close at 0.03280 marks the highest recorded closing price since May 17, 2019. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Friday's high at 0.03098, ETH/BTC confirmed its breakout through the prior session high after trading up to BTC0.00214 above it intraday.
Daily Candlestick Chart (ETHBTC as at Aug 01, 2020):
Saturday's trading range has been BTC0.00277 (9.06%), that's far above the last trading month's daily average range of BTC0.00126. Weekly volatility is also higher, being way above the market's average weekly trading range. The longer-term, monthly volatility is currently significantly higher than usual for ETHBTC.
One bullish candlestick pattern matches today's price action, the White Candle.
Buyers managed to take out the key technical resistance level at 0.03261 (now S1), which is likely to act as support going forward. The last time this happened on July 22nd, ETHBTC gained 3.50% on the following trading day.
Crossing above the upper Bollinger Band for the first time since July 26th, prices have shown unusually strong upward momentum in the short-term. This could either indicate a potential buying climax after which prices might head back down towards the mean of the Bollinger Bands at 0.02806 or signal the beginning of a strong momentum breakout leading to even higher prices.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the 13 market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "52 Week High" stand out. Though it is usually interpreted as bullish, it has actually shown to be bearish for ETH/BTC. Out of 14 times, ETHBTC closed lower 64.29% of the time on the next trading day after the market condition occurred.
With seven out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are XRPUSD gaining 12.04% and ETHUSD closing 11.71% higher. None of the markets ended the day in the red. Looking at the other Minor Cryptocurrencies, the winners of the day have been ZECUSD surging 19.59% and DOGEUSD closing 15.6% higher. The worst performers of the day have been STRATBTC tanking -4.08% and ARDRBTC closing -4.0% lower. Read more