ETHCNY slips to lowest close since November 16, 2017
Ethereum/Chinese Yuan Index (ETHCNY) Technical Analysis Report for Aug 11, 2018 | by Techniquant Editorial Team
Moving lower for the 2nd day in a row, ETHCNY ended Saturday at 2227.67 edging lower CN¥23.01 (-1.02%) on low volume. Today's closing price of 2227.67 marks the lowest close since November 16, 2017. The bears were in full control today, moving the market lower throughout the whole session. Closing below Friday's low at 2234.04, the market confirms its breakout through the previous session's low having traded CN¥16.45 below it intraday. Ending with a weak close near the low of the day sets a bearish note for the next session.
Daily Candlestick Chart (ETHCNY as at Aug 11, 2018):
Saturday's trading range was CN¥151.55 (6.41%), that's far above last trading month's daily average range of CN¥99.30. Weekly volatility is also higher, being slightly above the markets average with the monthly volatility being slightly above average.
In a volatile session, prices traded above the prior day's high as well as below the previous day's low, forming a bearish Outside Bar.
After having been unable to move lower than 2234.04 in the prior session, Ether found buyers again around the same price level today at 2217.59.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
With seven out of the seven Major Cryptocurrencies closing lower today, the ones that stand out on the negative side are XRPUSD losing -8.28% and ETCUSD closing -7.72% 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 BTCCNY surging 5.28% and WAVESBTC closing 1.9% higher. The worst performers of the day have been ELFBTC tanking -13.38% and IOTBTC closing -11.22% lower. Read more