ETHBTC finds buyers again around 0.03222
Ethereum/Bitcoin Index (ETHBTC) Technical Analysis Report for Oct 17, 2020 | by Techniquant Editorial Team
ETHBTC finished Saturday at 0.03243 gaining BTC0.00014 (0.43%) on low volume. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range in a lackluster session.
Daily Candlestick Chart (ETHBTC as at Oct 17, 2020):
Saturday's trading range has been BTC0.00025 (0.77%), that's far below the last trading month's daily average range of BTC0.00067. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently lower than usual for ETHBTC.
After moving lower in the previous session, ETH/BTC managed to close higher but below the prior day's open, forming a bullish Harami Candle. Additionally, two candlestick patterns are matching today's price action, the Bullish Short Candle and the White Candle which are both known as bullish patterns. The last time a Bullish Short Candle showed up on August 20th, ETHBTC actually lost -4.13% on the following trading day.
After having been unable to move lower than 0.03224 in the previous session, Ether found buyers again around the same price level today at 0.03222.
The cryptocurrency shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish.
As prices are trading close to October's high at 0.03383, upside momentum could accelerate should ETH mark new highs for the month. Further selling might move prices lower should the market test September's nearby low at 0.03101.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bullish Harami Candle" stand out. While it is usually interpreted as bullish, it has actually shown to be bearish for ETH/BTC. Out of 65 times, ETHBTC closed lower 56.92% 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 63.08% with an average market move of -1.57%.
With four out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are ETHUSD gaining 0.81% and BTCUSD closing 0.37% higher. On the flipside the worst performers have been BCHUSD closing -2.05% lower and LTCUSD losing -1.43%. Looking at the other Minor Cryptocurrencies, the winners of the day have been WAVESUSD surging 8.14% and WAVESBTC closing 7.59% higher. The worst performers of the day have been BCNUSD tanking -10.94% and BCHBTC closing -2.26% lower. Read more