ETHJPY runs into sellers again around 22462.83
Ethereum/Japanese Yen Index (ETHJPY) Technical Analysis Report for Oct 13, 2018 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, ETHJPY ended Saturday at 22302.65 gaining ¥537.69 (2.47%). The bulls were in full control today, moving the market higher throughout the whole session. Closing above Friday's high at 22285.16, ETH confirmed its breakout through the previous session high after trading up to ¥177.67 above it intraday.
Daily Candlestick Chart (ETHJPY as at Oct 13, 2018):
Saturday's trading range has been ¥698.90 (3.21%), that's below the last trading month's daily average range of ¥1539.76. Things look different on the weekly timeframe, where the market's trading range of the last week has been above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for ETHJPY.
Two candlestick patterns are matching today's price action, the Bullish Short Candle and the White Candle which are both known as bullish patterns.
After having been unable to move above 22285.16 in the prior session, ETH/JPY ran into sellers again around the same price level today, failing to move higher than 22462.83.
Crossing above the lower Bollinger Band, prices have lost at least some of their downward momentum in the short-term and could now be heading back up towards the mean of the Bollinger Bands at 25000.26. The last time this happened on September 10th, ETHJPY actually lost -5.60% on the following trading day.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Selling might speed up should prices move below the nearby swing low at 21028.90 where further sell stops could get activated.
Among the eight market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bullish Short Candle" stand out. Though it is usually interpreted as bullish, it has actually shown to be bearish for ETH/JPY. Out of 33 times, ETHJPY closed lower 57.58% of the time on the next trading day after the market condition occurred.
With five out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are ETHUSD gaining 1.6% and EOSUSD closing 1.54% higher. On the flipside the worst performer has been XRPUSD closing -0.38% lower. Looking at the other Minor Cryptocurrencies, the winners of the day have been STEEMBTC surging 5.26% and SCBTC closing 4.08% higher. The worst performers of the day have been BCNUSD tanking -4.43% and BTGBTC closing -2.26% lower. Read more