ETHEUR closes within previous day's range after lackluster session
Ethereum/Euro Index (ETHEUR) Technical Analysis Report for Nov 09, 2019 | by Techniquant Editorial Team
ETHEUR ended Saturday at 168.36 gaining €1.51 (0.91%) on low volume. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range in a lackluster session.
Daily Candlestick Chart (ETHEUR as at Nov 09, 2019):
Saturday's trading range has been €2.76 (1.65%), that's far below the last trading month's daily average range of €8.78. 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 ETHEUR.
During the whole day, prices traded within the prior day's range, unable to trade above the previous day's high or below the prior day's low forming an Inside Bar. Additionally, two candlestick patterns are matching today's price action, the Bullish Short Candle and the White Candle which are both known as bullish patterns.
Unable to break through the key technical resistance level at 168.45 (R1), the cryptocurrency closed below it after spiking up to 168.80 earlier during the day. The failure to close above the resistance could increase that levels importance going forward. When prices bounced off a significant resistance level the last time on November 4th, ETHEUR actually gained 1.87% on the following trading day.
Although ETH/EUR is experiencing a short-term uptrend, this might just be a correction, as both the medium and long-term trends are still bearish.
Buying could accelerate should prices move above the close-by swing high at 175.51 where further buy stops might get triggered. Selling could speed up should prices move below the nearby swing low at 164.22 where further sell stops might get activated. Further buying could move prices higher should the market test October's close-by high at 179.32.
Among the seven market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Close to Swing High" stand out. Though it is usually interpreted as neutral, it has actually shown to be bullish for ETH/EUR. Out of 586 times, ETHEUR closed higher 50.68% 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 53.24% with an average market move of 4.16%.
With five out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are LTCUSD gaining 2.57% and BCHUSD closing 1.29% higher. On the flipside the worst performers have been ETCUSD closing -0.8% lower and BTCUSD losing -0.16%. Looking at the other Minor Cryptocurrencies, the winners of the day have been KMDBTC surging 19.83% and KMDUSD closing 19.72% higher. The worst performers of the day have been SCBTC tanking -4.35% and PIVXBTC closing -4.06% lower. Read more