ETHCNY slips to lowest close since November 16, 2017


Ethereum/CNY Index (ETHCNY) Technical Analysis Report for Aug 11, 2018 [1 min read]
Highlights
ETHCNY dominated by bears dragging the market lower throughout the day
ETHCNY closes lower for the 2nd day in a row
ETHCNY ends the day on a bearish note closing near the low of the day
ETHCNY finds buyers again around 2217.59
ETHCNY breaks below previous session low
TQ Sentiment
Report Sentiment: 57% Bearish
Technical Forecast:
Overview

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 chart for ETHCNY
Volatility

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.

Price Action

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.

Support/Resistance

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.

Trend

The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.

Conclusion

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
Condition Forecast Direction Win Avg Worst Best Events
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
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