ETHGBP closes below its opening price unable to hold early session gains


Ethereum/British Pound Index (ETHGBP) Technical Analysis Report for May 23, 2020 | by Techniquant Editorial Team

Highlights

ETHGBP closes below its opening price unable to hold early session gains
ETHGBP unable to break through key resistance level
ETHGBP closes within previous day's range after lackluster session

Overview

ETHGBP ended Saturday at 170.41 edging lower £0.34 (-0.2%). Trading £3.02 higher after the open, the cryptocurrency was unable to hold its gains as the bears took control ending the day below its opening price. The last time this happened on May 11th, ETHGBP actually gained 2.62% on the following trading day. 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 (ETHGBP as at May 23, 2020):

Daily technical analysis candlestick chart for Ethereum/British Pound Index (ETHGBP) as at May 23, 2020

Saturday's trading range has been £5.03 (2.95%), that's below the last trading month's daily average range of £9.45. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for ETHGBP.

After moving higher in the prior session, Ether closed lower but above the previous day's open today, forming a bearish Harami Candle. Additionally, two candlestick patterns are matching today's price action, the Bearish Hikkake Pattern and the Bearish Spinning Top which are both known as bearish patterns.

Unable to break through the key technical resistance level at 171.09 (R1), ETH/GBP closed below it after spiking up to 173.77 earlier during the day. The failure to close above the resistance could increase that levels importance going forward.

Though still in a long-term downtrend, the short and medium-term trends both turned bullish already.

Buying might accelerate should prices move above the nearby swing high at 177.33 where further buy stops could get activated. Further buying might move prices higher should the market test April's close-by high at 182.84.

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 138 times, ETHGBP closed lower 59.42% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the short side has been after three trading days, showing a win rate of 57.97% with an average market move of 0.58%.

With five out of the seven Major Cryptocurrencies closing lower today, the ones that stand out on the negative side are EOSUSD losing -1.16% and LTCUSD closing -0.81% lower. On the flipside the best performers have been ETCUSD closing 1.55% higher and BTCUSD gaining 0.23%. Looking at the other Minor Cryptocurrencies, the winners of the day have been BCNUSD surging 10.84% and XVGUSD closing 5.05% higher. The worst performers of the day have been HSRBTC tanking -9.88% and ARDRBTC closing -9.27% lower. Read more


Market Conditions for ETHGBP as at May 23, 2020

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