ETHJPY unable to break through key resistance level
Ethereum/Japanese Yen Index (ETHJPY) Technical Analysis Report for Nov 10, 2019 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, ETHJPY ended Sunday at 20638.62 gaining ¥382.72 (1.89%). Closing above Saturday's high at 20323.61, Ethereum confirmed its breakout through the prior session high after trading up to ¥645.75 above it intraday.
Daily Candlestick Chart (ETHJPY as at Nov 10, 2019):
Sunday's trading range has been ¥879.35 (4.34%), that's slightly below the last trading month's daily average range of ¥1097.89. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for ETHJPY.
One bearish candlestick pattern matches today's price action, the Bearish Hikkake Pattern. The last time a Bearish Hikkake Pattern showed up on October 28th, ETHJPY actually gained 4.40% on the following trading day.
Unable to break through the key technical resistance level at 20949.79 (R1), Ether closed below it after spiking up to 20969.36 earlier during the day. The failure to close above the resistance could increase that levels significance going forward. After having been unable to move lower than 20001.86 in the previous session, the cryptocurrency found buyers again around the same price level today at 20090.01.
Though the market 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 speed up should prices move above the close-by swing high at 21157.74 where further buy stops might get triggered. Selling could accelerate should prices move below the nearby swing low at 19757.31 where further sell stops might get activated. Further buying could move prices higher should the market test October's close-by high at 21468.29.
Among the seven 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/JPY. Out of 291 times, ETHJPY closed lower 53.26% of the time on the next trading day after the market condition occurred.
With six out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are BCHUSD gaining 3.73% and EOSUSD closing 3.16% higher. On the flipside the worst performer has been XRPUSD closing -0.14% lower. Looking at the other Minor Cryptocurrencies, the winners of the day have been XLMUSD surging 8.52% and VETBTC closing 6.78% higher. The worst performers of the day have been KMDBTC tanking -9.82% and KMDUSD closing -7.06% lower. Read more