ETHGBP closes within previous day's range after lackluster session
Ethereum/British Pound Index (ETHGBP) Technical Analysis Report for Nov 09, 2019 | by Techniquant Editorial Team
ETHGBP finished Saturday at 145.05 gaining £1.23 (0.86%) on low volume. Trading up to £0.72 lower after the open, ETH/GBP managed to reverse during the session as bulls took control ending the day above its opening price. 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 (ETHGBP as at Nov 09, 2019):
Saturday's trading range has been £2.13 (1.48%), that's far below the last trading month's daily average range of £7.81. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for ETHGBP.
During the whole day, prices traded within the previous day's range, unable to trade above the prior day's high or below the previous 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. The last time a White Candle showed up on October 29th, ETHGBP actually lost -5.10% on the following trading day.
Prices are trading close to the key technical support level at 142.55 (S1).
While Ethereum 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 151.22 where further buy stops could get activated. Selling might speed up should prices move below the nearby swing low at 141.40 where further sell stops could get triggered.
Among the seven market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Up Close near high of period" stand out. Although it is usually interpreted as bullish, it has actually shown to be bearish for ETH/GBP. Out of 173 times, ETHGBP closed lower 57.23% 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 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