ETHCNY closes 3.32% higher at 1360.25
Ethereum/Chinese Yuan Index (ETHCNY) Technical Analysis Report for Oct 13, 2018
ETHCNY ended Saturday at 1360.25 gaining CN¥43.75 (3.32%).
Daily Candlestick Chart (ETHCNY as at Oct 13, 2018):
Saturday's trading range has been CN¥33.41 (2.49%), that's below the last trading month's daily average range of CN¥58.06. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for ETHCNY.
One bullish candlestick pattern matches today's price action, the White Candle.
Crossing above the lower Bollinger Band, prices have lost at least some of their downward momentum in the short-term and might now be heading back up towards the mean of the Bollinger Bands at 1516.76. The last time this happened on September 12th, ETHCNY gained 16.21% on the following trading day.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Selling could accelerate should prices move below the nearby swing low at 1287.10 where further sell stops might get triggered. With prices trading close to this year's low at 1243.74, downside momentum could speed up should the cryptocurrency break out to new lows for the year.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Gap Up" stand out. Although it is usually interpreted as bullish, it has actually shown to be bearish for ETH/CNY. Out of 75 times, ETHCNY closed lower 60.00% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the short side has been after 10 trading days, showing a win rate of 66.67% with an average market move of -2.27%.
With five out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are DASHUSD gaining 1.97% and ETHUSD closing 1.6% higher. On the flipside the worst performer has been XRPUSD closing -0.38% lower. Looking at the other Minor Cryptocurrencies, the winners of the day have been STEEMBTC surging 5.26% and SCBTC closing 4.08% higher. The worst performers of the day have been BCNUSD tanking -4.43% and BTGBTC closing -2.26% lower...read more