ETHJPY dominated by bears dragging the market lower throughout the day


Ethereum/JPY Index (ETHJPY) Technical Analysis Report for Aug 11, 2018 [< 1 min read]
Highlights
ETHJPY dominated by bears dragging the market lower throughout the day
ETHJPY closes lower for the 2nd day in a row
ETHJPY ends the day on a bearish note closing near the low of the day
ETHJPY breaks below previous session low
ETHJPY falls to lowest close since November 12, 2017
TQ Sentiment
Report Sentiment: 60% Bearish
Technical Forecast:
Overview

Moving lower for the 2nd day in a row, ETHJPY ended Saturday at 34491.82 losing ¥2412.70 (-6.54%). Today's closing price of 34491.82 marks the lowest close since November 12, 2017. The bears were in full control today, moving the market lower throughout the whole session. Closing below Friday's low at 36263.69, ETH confirms its breakout through the previous session's low having traded ¥2014.08 below it intraday. Ending with a weak close near the low of the day sets a bearish note for the next session.

Daily chart for ETHJPY
Volatility

Saturday's trading range was ¥2901.69 (7.83%), that's slightly above last trading month's daily average range of ¥2485.00. Weekly volatility is also higher, being way above the markets average with the monthly volatility being slightly above average.

Trend

The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.

Conclusion

While classical technical analysis indicates a slightly bearish sentiment for the next trading day, our quantitative statistics show a different picture being bullish.

Market Conditions for Ethereum/JPY Index
Condition Forecast Direction Win Avg Worst Best Events
Strong Up Move TQ Pro Members Only
Decisive Up Move TQ Pro Members Only
White Candle TQ Pro Members Only
Close to S1 Support TQ Pro Members Only
Price broke through Technical Resistance R1 TQ Pro Members Only
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