ETHEUR breaks back above 100-day moving average
Ethereum/Euro Index (ETHEUR) Technical Analysis Report for Nov 10, 2019 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, ETHEUR ended Sunday at 171.60 gaining €3.24 (1.92%). Closing above Saturday's high at 168.80, the cryptocurrency confirmed its breakout through the previous session high after trading up to €5.08 above it intraday.
Daily Candlestick Chart (ETHEUR as at Nov 10, 2019):
Sunday's trading range has been €7.15 (4.26%), that's slightly below the last trading month's daily average range of €8.87. 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.
Two candlestick patterns are matching today's price action, the White Candle which is known as bullish pattern and one bearish pattern, the Bearish Hikkake Pattern. The last time a Bearish Hikkake Pattern showed up on October 28th, ETHEUR actually gained 4.51% on the following trading day.
The market managed to close back above the 100-day moving average at 169.17. After having been unable to move lower than 166.04 in the prior session, Ether found buyers again around the same price level today at 166.73.
Though ETH is experiencing a short-term uptrend, this could just be a correction, as both the medium and long-term trends are still bearish.
Buying might accelerate should prices move above the close-by swing high at 175.51 where further buy stops could get activated. Selling might speed up should prices move below the nearby swing low at 164.22 where further sell stops could get triggered. Further buying might move prices higher should the market test October's close-by high at 179.32.
Among the 10 market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Closed above last periods high" stand out. While it is usually interpreted as bullish, it has actually shown to be bearish for ETH/EUR. Out of 328 times, ETHEUR closed lower 53.05% of the time on the next trading day after the market condition occurred.
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