ETHBTC pops to highest close since October 27th

Ethereum/Bitcoin Index (ETHBTC) Technical Analysis Report for Nov 21, 2020 | by Techniquant Editorial Team


ETHBTC soars, gaining BTC0.00221 (8.08%) within a single day on high volume
ETHBTC breaks back above 200-day moving average
ETHBTC rises to highest close since October 27th
ETHBTC dominated by bulls lifting the market higher throughout the day
ETHBTC closes higher for the 2nd day in a row


Moving higher for the 2nd day in a row, ETHBTC ended Saturday at 0.02955 surging BTC0.00221 (8.08%) on high volume. This is the biggest single-day gain in over two weeks. Today's close at 0.02955 marks the highest recorded closing price since October 27th. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Friday's high at 0.02790, Ethereum confirmed its breakout through the previous session high after trading up to BTC0.00167 above it intraday.

Daily Candlestick Chart (ETHBTC as at Nov 21, 2020):

Daily technical analysis candlestick chart for Ethereum/Bitcoin Index (ETHBTC) as at Nov 21, 2020

Saturday's trading range has been BTC0.00246 (9.0%), that's far above the last trading month's daily average range of BTC0.00115. Weekly volatility is also higher, being above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for ETHBTC.

One bullish candlestick pattern matches today's price action, the White Candle.

The market managed to close back above the 200-day moving average at 0.02922 for the first time since November 13th. When this moving average was crossed above the last time on November 13th, ETHBTC actually lost -1.78% on the following trading day.

Although the cryptocurrency is experiencing a short-term uptrend, this could just be a correction, as both the medium and long-term trends are still bearish.

Buying might speed up should prices move above the close-by swing high at 0.03017 where further buy stops could get triggered. As prices are trading close to November's high at 0.03017, upside momentum might accelerate should Ether mark new highs for the month.

Among the 13 market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bullish Break through SMA 20" stand out. Though it is usually interpreted as bullish, it has actually shown to be bearish for ETH/BTC. Out of 90 times, ETHBTC closed lower 60.00% of the time on the next trading day after the market condition occurred.

Market Conditions for ETHBTC as at Nov 21, 2020

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