ETHCNY rockets, gaining CN¥321.81 (13.25%) within a single day on high volume

Ethereum/Chinese Yuan Index (ETHCNY) Technical Analysis Report for Aug 01, 2020 | by Techniquant Editorial Team


ETHCNY soars, gaining CN¥321.81 (13.25%) within a single day on high volume
ETHCNY rises to highest close since August 6, 2018
ETHCNY dominated by bulls lifting the market higher throughout the day
ETHCNY closes higher for the 2nd day in a row
ETHCNY pushes through Friday's high


Moving higher for the 2nd day in a row, ETHCNY finished Saturday at 2751.33 surging CN¥321.81 (13.25%) on high volume. This is the biggest single-day gain in over 10 months. Today's close at 2751.33 marks the highest recorded closing price since August 6, 2018. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Friday's high at 2462.91, Ether confirmed its breakout through the previous session high after trading up to CN¥315.26 above it intraday.

Daily Candlestick Chart (ETHCNY as at Aug 01, 2020):

Daily technical analysis candlestick chart for Ethereum/Chinese Yuan Index (ETHCNY) as at Aug 01, 2020

Saturday's trading range has been CN¥348.65 (14.35%), that's far above the last trading month's daily average range of CN¥122.93. Weekly volatility is also higher, being way above the market's average weekly trading range. The longer-term, monthly volatility is currently significantly higher than usual for ETHCNY.

One bullish candlestick pattern matches today's price action, the White Candle.

Crossing above the upper Bollinger Band for the first time since Tuesday, prices have shown unusually strong upward momentum in the short-term. This might either indicate a potential buying climax after which prices could head back down towards the mean of the Bollinger Bands at 1952.96 or signal the beginning of a strong momentum breakout leading to even higher prices. The last time prices broke out above the upper Bollinger Band on July 23rd, ETHCNY gained 2.97% on the following trading day.

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

Among the 11 market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Very Strong Up Move" stand out. Although it is usually interpreted as bullish, it has actually shown to be bearish for ETH/CNY. Out of 133 times, ETHCNY closed lower 57.89% of the time on the next trading day after the market condition occurred.

With seven out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are XRPUSD gaining 12.04% and ETHUSD closing 11.71% higher. None of the markets ended the day in the red. Looking at the other Minor Cryptocurrencies, the winners of the day have been ZECUSD surging 19.59% and DOGEUSD closing 15.6% higher. The worst performers of the day have been STRATBTC tanking -4.08% and ARDRBTC closing -4.0% lower. Read more

Market Conditions for ETHCNY as at Aug 01, 2020

Loading Market Conditions for ETHCNY (Ethereum/Chinese Yuan Index)...
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