ETHCNY slips to lowest close since November 16, 2017
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.
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.
While classical technical analysis indicates a slightly bearish sentiment for the next trading day, our quantitative statistics show a different picture being slightly bullish.
Market Conditions for Ethereum/CNY Index
|Decisive Up Move||TQ Pro Members Only|
|White Candle||TQ Pro Members Only|
|Close to S1 Support||TQ Pro Members Only|
|Price broke through Technical Resistance R1||TQ Pro Members Only|
|Closed above last periods high||TQ Pro Members Only|
More market conditions identified for TQ Pro members...
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