ETHCNY pushes through key resistance level
Ethereum/Chinese Yuan Index (ETHCNY) Technical Analysis Report for Sep 15, 2018 | by Techniquant Editorial Team
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.
Daily Candlestick Chart (ETHCNY as at Sep 15, 2018):
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.
Breaking through the key resistance level at 1546.52 today, it is now likely to act as support going forward.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
With six out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are ETHUSD gaining 6.08% and ETCUSD closing 3.28% higher. On the flipside the worst performer has been LTCUSD closing -0.21% lower. Looking at the other Minor Cryptocurrencies, the winners of the day have been KCSBTC surging 6.75% and ETHEUR closing 6.15% higher. The worst performers of the day have been ETHGBP tanking -8.43% and NANOBTC closing -5.24% lower. Read more