ETHCNY runs into sellers around 1328.12 for the third day in a row

Ethereum/Chinese Yuan Index (ETHCNY) Technical Analysis Report for Nov 10, 2019 | by Techniquant Editorial Team


ETHCNY breaks back below 20-day moving average
ETHCNY runs into sellers around 1328.12 for the third day in a row
ETHCNY dominated by bears dragging the market lower throughout the day
ETHCNY closes lower for the 3rd day in a row
ETHCNY breaks below Saturday's low


Moving lower for the 3rd day in a row, ETHCNY ended Sunday at 1288.66 losing CN¥19.41 (-1.48%). The bears were in full control today, moving the market lower throughout the whole session. Closing below Saturday's low at 1292.52, Ether confirmed its breakout through the previous session low after trading up to CN¥7.56 below it intraday.

Daily Candlestick Chart (ETHCNY as at Nov 10, 2019):

Daily technical analysis candlestick chart for Ethereum/Chinese Yuan Index (ETHCNY) as at Nov 10, 2019

Sunday's trading range has been CN¥43.16 (3.27%), that's below the last trading month's daily average range of CN¥79.99. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for ETHCNY.

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. The last time this happened on October 3rd, ETHCNY actually gained 2.70% on the following trading day. Additionally, two candlestick patterns are matching today's price action, the Last Engulfing Bottom Pattern which is known as bullish pattern and one bearish pattern, the Black Candle.

Prices are trading close to the key technical support level at 1280.92 (S1). ETH/CNY closed back below the 20-day moving average at 1305.38 for the first time since October 31st. Ethereum ran into sellers again today around 1328.12 for the third trading day in a row after having found sellers at 1316.53 in the prior session and at 1327.19 two days ago.

Though the cryptocurrency is experiencing a short-term uptrend, this could just be a correction, as both the medium and long-term trends are still bearish.

Selling might speed up should prices move below the close-by swing low at 1267.44 where further sell stops could get activated.

Among the 13 market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bearish Outside Bar" stand out. Its common bearish interpretation has been confirmed for ETH/CNY. Out of 51 times, ETHCNY closed lower 52.94% 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 two trading days, showing a win rate of 62.75% with an average market move of -0.55%.

With six out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are BCHUSD gaining 3.73% and EOSUSD closing 3.16% higher. On the flipside the worst performer has been XRPUSD closing -0.14% lower. Looking at the other Minor Cryptocurrencies, the winners of the day have been XLMUSD surging 8.52% and VETBTC closing 6.78% higher. The worst performers of the day have been KMDBTC tanking -9.82% and KMDUSD closing -7.06% lower. Read more

Market Conditions for ETHCNY as at Nov 10, 2019

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