ETHGBP surges, gaining £30.39 (11.39%) within a single day on high volume
Ethereum/British Pound Index (ETHGBP) Technical Analysis Report for Aug 01, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, ETHGBP ended Saturday at 297.24 surging £30.39 (11.39%) on high volume. This is the biggest single-day gain in over two years. Today's close at 297.24 marks the highest recorded closing price since August 6, 2018. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Friday's high at 268.58, ETH confirmed its breakout through the previous session high after trading up to £34.42 above it intraday.
Daily Candlestick Chart (ETHGBP as at Aug 01, 2020):
Saturday's trading range has been £38.44 (14.41%), that's far above the last trading month's daily average range of £12.20. Weekly volatility is also higher, being way above the market's average weekly trading range. The longer-term, monthly volatility is currently notably higher than usual for ETHGBP.
One bullish candlestick pattern matches today's price action, the White Candle.
Crossing above the upper Bollinger Band for the first time since July 27th, prices have shown unusually strong upward momentum in the short-term. This might either indicate a potential buying climax after which prices could head back down towards the mean of the Bollinger Bands at 219.81 or signal the beginning of a strong momentum breakout leading to even higher prices. The last time prices broke out above the upper Bollinger Band on July 22nd, ETHGBP gained 4.57% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the 11 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/GBP. Out of 316 times, ETHGBP closed lower 58.54% of the time on the next trading day after the market condition occurred.
With seven out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are XRPUSD gaining 12.04% and ETHUSD closing 11.71% higher. None of the markets ended the day in the red. Looking at the other Minor Cryptocurrencies, the winners of the day have been ZECUSD surging 19.59% and DOGEUSD closing 15.6% higher. The worst performers of the day have been STRATBTC tanking -4.08% and ARDRBTC closing -4.0% lower. Read more