ETHCNY closes above its opening price after recovering from early selling pressure

Ethereum/Chinese Yuan Index (ETHCNY) Technical Analysis Report for Oct 17, 2020 | by Techniquant Editorial Team


ETHCNY closes above its opening price after recovering from early selling pressure
ETHCNY finds buyers again around 2471.28
ETHCNY closes within previous day's range after lackluster session


ETHCNY ended Saturday at 2487.38 edging higher CN¥1.05 (0.04%) on low volume. Trading up to CN¥15.05 lower after the open, the market managed to reverse during the session as bulls took control ending the day above its opening price. The last time this happened on October 11th, ETHCNY gained 3.31% on the following trading day. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range in a lackluster session.

Daily Candlestick Chart (ETHCNY as at Oct 17, 2020):

Daily technical analysis candlestick chart for Ethereum/Chinese Yuan Index (ETHCNY) as at Oct 17, 2020

Saturday's trading range has been CN¥19.17 (0.77%), that's far below the last trading month's daily average range of CN¥99.49. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently lower than usual for ETHCNY.

After moving lower in the previous session, ETH/CNY managed to close higher but below the prior day's open, forming a bullish Harami Candle. Additionally, two candlestick patterns are matching today's price action, the Bullish Spinning Top and the Takuri Line which are both known as bullish patterns.

After having been unable to move lower than 2482.48 in the previous session, Ether found buyers again around the same price level today at 2471.28.

The cryptocurrency shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish.

Selling could accelerate should prices move below the close-by swing low at 2433.10 where further sell stops might get triggered.

Among the eight market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bullish Harami Candle" stand out. Though it is usually interpreted as bullish, it has actually shown to be bearish for ETH/CNY. Out of 52 times, ETHCNY closed lower 63.46% 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 50.00% with an average market move of 0.12%.

With four out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are ETHUSD gaining 0.81% and BTCUSD closing 0.37% higher. On the flipside the worst performers have been BCHUSD closing -2.05% lower and LTCUSD losing -1.43%. Looking at the other Minor Cryptocurrencies, the winners of the day have been WAVESUSD surging 8.14% and WAVESBTC closing 7.59% higher. The worst performers of the day have been BCNUSD tanking -10.94% and BCHBTC closing -2.26% lower. Read more

Market Conditions for ETHCNY as at Oct 17, 2020

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