ETHCNY climbs to highest close since June 20, 2018
Ethereum/Chinese Yuan Index (ETHCNY) Technical Analysis Report for Nov 22, 2020 | by Techniquant Editorial Team
Moving higher for the 7th day in a row, ETHCNY finished Sunday at 3750.78 gaining CN¥150.68 (4.19%) on high volume. Today's close at 3750.78 marks the highest recorded closing price since June 20, 2018. Closing above Saturday's high at 3602.54, the cryptocurrency confirmed its breakout through the previous session high after trading up to CN¥237.02 above it intraday.
Daily Candlestick Chart (ETHCNY as at Nov 22, 2020):
Sunday's trading range has been CN¥258.93 (7.19%), that's above the last trading month's daily average range of CN¥215.50. Weekly volatility is also higher, being way above the market's average weekly trading range. The longer-term, monthly volatility is currently notably higher than usual for ETHCNY.
One bullish candlestick pattern matches today's price action, the White Candle.
With another close above the upper Bollinger Band, prices are confirming their strong upward momentum in the short-term. A drop back into the Bollinger Band on the next trading day though could signal a potential change in momentum that might lead to a correction back down towards the center of the Bollinger Bands at 3090.03.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "7 Consecutive Higher Closes" stand out. Its common bullish interpretation has been confirmed for ETH/CNY. Out of 5 times, ETHCNY closed higher 80.00% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 80.00% with an average market move of 21.09%.