ETHGBP pushes through Friday's high


Ethereum/British Pound Index (ETHGBP) Technical Analysis Report for Oct 13, 2018 | by Techniquant Editorial Team

Highlights

ETHGBP closes higher for the 2nd day in a row
ETHGBP pushes through Friday's high

Overview

Moving higher for the 2nd day in a row, ETHGBP ended Saturday at 154.39 gaining £3.22 (2.13%). Closing above Friday's high at 152.71, Ethereum confirmed its breakout through the previous session high after trading up to £4.99 above it intraday.

Daily Candlestick Chart (ETHGBP as at Oct 13, 2018):

Daily technical analysis candlestick chart for Ethereum/British Pound Index (ETHGBP) as at Oct 13, 2018

Saturday's trading range has been £7.70 (5.13%), that's below the last trading month's daily average range of £11.57. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for ETHGBP.

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.

Crossing above the lower Bollinger Band, prices have lost at least some of their downward momentum in the short-term and might now be heading back up towards the mean of the Bollinger Bands at 169.61. The last time this happened on September 10th, ETHGBP actually lost -6.48% on the following trading day.

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

Selling could accelerate should prices move below the nearby swing low at 142.96 where further sell stops might get activated. With prices trading close to this year's low at 128.90, downside momentum could speed up should Ether break out to new lows for the year.

Among the six market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bearish Hikkake Pattern" stand out. Its common bearish interpretation has been confirmed for ETH/GBP. Out of 81 times, ETHGBP closed lower 58.02% of the time on the next trading day after the market condition occurred.

With five out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are ETHUSD gaining 1.6% and EOSUSD closing 1.54% higher. On the flipside the worst performer has been XRPUSD closing -0.38% lower. Looking at the other Minor Cryptocurrencies, the winners of the day have been STEEMBTC surging 5.26% and SCBTC closing 4.08% higher. The worst performers of the day have been BCNUSD tanking -4.43% and BTGBTC closing -2.26% lower. Read more


Market Conditions for ETHGBP as at Oct 13, 2018

Loading Market Conditions for ETHGBP (Ethereum/British Pound Index)...
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