ETHJPY runs into sellers again around 25868.86
Ethereum/Japanese Yen Index (ETHJPY) Technical Analysis Report for Jul 11, 2020 | by Techniquant Editorial Team
Moving lower for the 3rd day in a row, ETHJPY ended Saturday at 25625.18 losing ¥191.58 (-0.74%) on low volume. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range in a lackluster session.
Daily Candlestick Chart (ETHJPY as at Jul 11, 2020):
Saturday's trading range has been ¥408.65 (1.58%), that's far below the last trading month's daily average range of ¥944.31. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for ETHJPY.
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.
Prices are trading close to the key technical support level at 25235.51 (S1). After having been unable to move above 25971.33 in the previous session, ETH ran into sellers again around the same price level today, failing to move higher than 25868.86. The last time this happened on Thursday, ETHJPY lost -0.57% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Selling might speed up should prices move below the close-by swing low at 25235.51 where further sell stops could get triggered.
Among the three market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "3 Consecutive Lower Closes" stand out. While it is usually interpreted as bearish, it has actually shown to be bullish for ETH/JPY. Out of 112 times, ETHJPY closed higher 62.50% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after four trading days, showing a win rate of 58.93% with an average market move of 3.11%.
With three Major Cryptocurrencies closing higher and three closing lower today, the winners of the day are ETCUSD surging 1.88% and XRPUSD gaining 1.16%. On the flipside the worst performers have been ETHUSD closing -0.81% lower and BCHUSD losing -0.7%. Looking at the other Minor Cryptocurrencies, the winners of the day have been VETBTC surging 8.65% and DOGEUSD closing 8.09% higher. The worst performers of the day have been BCNUSD tanking -17.56% and ETHGBP closing -0.75% lower. Read more