ETHCNY pushes through key resistance level
Ethereum/CNY Index (ETHCNY) Technical Analysis Report for Sep 15, 2018
Highlights
TQ Sentiment
Overview
ETHCNY ended Saturday at 1632.14 gaining CN¥168.64 (11.52%). Today's closing price of 1632.14 marks the highest close since September 5th. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Friday's high at 1534.75, the cryptocurrency confirms its breakout through the prior session's high having traded CN¥123.67 above it intraday.
Volatility
Saturday's trading range was CN¥119.00 (7.7%), that's slightly above last trading month's daily average range of CN¥103.39. Weekly volatility is also higher, being slightly above the markets average with the monthly volatility being slightly above average.
Support/Resistance
Breaking through the key resistance level at 1546.52 today, it is now likely to act as support going forward.
Trend
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Conclusion
While classical technical analysis indicates a bullish sentiment for the next trading day, our quantitative statistics show a different picture being bearish.
Market Conditions for Ethereum/CNY Index
Get the stats behind the charts
Find out what happened when Ethereum/CNY Index traded like this in the past. See the odds for each technical pattern with expected gain and loss.
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