ETHBTC breaks back above 100-day moving average
Ethereum/Bitcoin Index (ETHBTC) Technical Analysis Report for Oct 18, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, ETHBTC ended Sunday at 0.03287 gaining BTC0.00044 (1.36%) on low volume. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Saturday's high at 0.03247, the cryptocurrency confirmed its breakout through the prior session high after trading up to BTC0.00050 above it intraday.
Daily Candlestick Chart (ETHBTC as at Oct 18, 2020):
Sunday's trading range has been BTC0.00059 (1.82%), that's slightly below the last trading month's daily average range of BTC0.00065. 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.
One bullish candlestick pattern matches today's price action, the White Candle.
ETH/BTC managed to close back above the 100-day moving average at 0.03276. When this moving average was crossed above the last time on May 29th, ETHBTC gained 7.30% on the following trading day. Prices are trading close to the key technical resistance level at 0.03315 (R1).
Ethereum shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish.
Buying might speed up should prices move above the nearby swing high at 0.03362 where further buy stops could get activated. Selling might accelerate should prices move below the close-by swing low at 0.03222 where further sell stops could get triggered. As prices are trading close to October's high at 0.03383, upside momentum might speed up should the market mark new highs for the month. As prices are trading close to October's low at 0.03161, downside momentum could accelerate should ETH mark new lows for the month.
Among the 10 market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bullish Break through SMA 100" stand out. Though it is usually interpreted as bullish, it has actually shown to be bearish for ETH/BTC. Out of 25 times, ETHBTC closed lower 64.00% 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 ETHUSD gaining 2.69% and BCHUSD closing 1.76% higher. On the flipside the worst performer has been ETCUSD closing -0.36% lower. Looking at the other Minor Cryptocurrencies, the winners of the day have been BCNUSD surging 13.16% and VETBTC closing 5.15% higher. The worst performers of the day have been WAVESBTC tanking -5.27% and WAVESUSD closing -4.08% lower. Read more