ETHGBP finds buyers again around 143.68
Ethereum/British Pound Index (ETHGBP) Technical Analysis Report for Nov 10, 2019 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, ETHGBP ended Sunday at 147.91 gaining £2.86 (1.97%). Closing above Saturday's high at 145.23, the market confirmed its breakout through the prior session high after trading up to £4.76 above it intraday.
Daily Candlestick Chart (ETHGBP as at Nov 10, 2019):
Sunday's trading range has been £6.31 (4.36%), that's slightly below the last trading month's daily average range of £7.86. 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.
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.
Prices are trading close to the key technical resistance level at 150.47 (R1). After having been unable to move lower than 143.10 in the previous session, Ether found buyers again around the same price level today at 143.68. The last time this happened on November 4th, ETHGBP gained 2.09% on the following trading day.
Although Ethereum 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 nearby swing high at 151.22 where further buy stops might get activated. Selling could speed up should prices move below the close-by swing low at 141.40 where further sell stops might get triggered.
Among the eight market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "2 Consecutive Higher Closes" stand out. While it is usually interpreted as bullish, it has actually shown to be bearish for ETH/GBP. Out of 193 times, ETHGBP closed lower 59.59% 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