ETHGBP closes within prior day's range after lackluster session

Ethereum/British Pound Index (ETHGBP) Technical Analysis Report for Oct 17, 2020 | by Techniquant Editorial Team


ETHGBP breaks back above 50-day moving average
ETHGBP finds buyers again around 282.09
ETHGBP closes within previous day's range after lackluster session


ETHGBP ended Saturday at 285.98 gaining £2.74 (0.97%) on low volume. Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range in a lackluster session.

Daily Candlestick Chart (ETHGBP as at Oct 17, 2020):

Daily technical analysis candlestick chart for Ethereum/British Pound Index (ETHGBP) as at Oct 17, 2020

Saturday's trading range has been £4.66 (1.65%), that's far below the last trading month's daily average range of £10.18. 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.

During the whole day, prices traded within the prior day's range, unable to trade above the previous day's high or below the prior day's low forming an Inside Bar. After moving lower in the previous session, Ether managed to close higher but below the prior day's open, forming a bullish Harami Candle. 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 market managed to close back above the 50-day moving average at 284.95. After having been unable to move lower than 281.04 in the previous session, ETH found buyers again around the same price level today at 282.09. The last time this happened on Thursday, ETHGBP actually lost -3.37% on the following trading day.

Ethereum shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish.

Buying might accelerate should prices move above the nearby swing high at 297.99 where further buy stops could get triggered. Selling might speed up should prices move below the close-by swing low at 281.04 where further sell stops could get activated.

Among the nine market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Close near high of period" stand out. While it is usually interpreted as bullish, it has actually shown to be bearish for ETH/GBP. Out of 280 times, ETHGBP closed lower 57.50% of the time on the next trading day after the market condition occurred.

With four out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are ETHUSD gaining 0.81% and BTCUSD closing 0.37% higher. On the flipside the worst performers have been BCHUSD closing -2.05% lower and LTCUSD losing -1.43%. Looking at the other Minor Cryptocurrencies, the winners of the day have been WAVESUSD surging 8.14% and WAVESBTC closing 7.59% higher. The worst performers of the day have been BCNUSD tanking -10.94% and BCHBTC closing -2.26% lower. Read more

Market Conditions for ETHGBP as at Oct 17, 2020

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