ETHJPY breaks back above 100-day moving average


Ethereum/Japanese Yen Index (ETHJPY) Technical Analysis Report for Nov 09, 2019 | by Techniquant Editorial Team

Highlights

ETHJPY breaks back above 100-day moving average
ETHJPY closes within previous day's range after lackluster session

Overview

ETHJPY ended Saturday at 20255.90 gaining ¥195.43 (0.97%) on low volume. Closing within the previous day's range, prices missed to decisively move beyond the prior day's trading range in a lackluster session.

Daily Candlestick Chart (ETHJPY as at Nov 09, 2019):

Daily technical analysis candlestick chart for Ethereum/Japanese Yen Index (ETHJPY) as at Nov 09, 2019

Saturday's trading range has been ¥321.75 (1.6%), that's far below the last trading month's daily average range of ¥1087.89. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for ETHJPY.

During the whole day, prices traded within the previous day's range, unable to trade above the prior day's high or below the previous day's low forming an Inside Bar. 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 last time a White Candle showed up on October 29th, ETHJPY actually lost -4.78% on the following trading day.

ETH managed to close back above the 100-day moving average at 20109.43.

Although ETH/JPY is experiencing a short-term uptrend, this might just be a correction, as both the medium and long-term trends are still bearish.

Buying could accelerate should prices move above the nearby swing high at 21157.74 where further buy stops might get activated. Selling could speed up should prices move below the close-by swing low at 19757.31 where further sell stops might get triggered. Further buying could move prices higher should the market test October's nearby high at 21468.29.

Among the five 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 38 times, ETHJPY closed lower 60.53% 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 LTCUSD gaining 2.57% and BCHUSD closing 1.29% higher. On the flipside the worst performers have been ETCUSD closing -0.8% lower and BTCUSD losing -0.16%. Looking at the other Minor Cryptocurrencies, the winners of the day have been KMDBTC surging 19.83% and KMDUSD closing 19.72% higher. The worst performers of the day have been SCBTC tanking -4.35% and PIVXBTC closing -4.06% lower. Read more


Market Conditions for ETHJPY as at Nov 09, 2019

Loading Market Conditions for ETHJPY (Ethereum/Japanese Yen Index)...
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