ETHJPY pushes through Saturday's high
Ethereum/Japanese Yen Index (ETHJPY) Technical Analysis Report for Oct 18, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, ETHJPY finished Sunday at 39961.39 surging ¥1144.15 (2.95%). The bulls were in full control today, moving the market higher throughout the whole session. Closing above Saturday's high at 39007.20, Ethereum confirmed its breakout through the prior session high after trading up to ¥954.19 above it intraday.
Daily Candlestick Chart (ETHJPY as at Oct 18, 2020):
Sunday's trading range has been ¥1243.05 (3.2%), that's slightly below the last trading month's daily average range of ¥1429.23. Weekly volatility is also lower, being slightly below 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 White Candle which is known as bullish pattern and one bearish pattern, the Bearish Hikkake Pattern.
The cryptocurrency managed to close back above the 50-day moving average at 38977.26. When this moving average was crossed above the last time on October 11th, ETHJPY gained 3.06% on the following trading day.
The market shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish.
Buying might speed up should prices move above the close-by swing high at 41571.79 where further buy stops could get triggered.
Among the 11 market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Up Close near high of period" stand out. While it is usually interpreted as bullish, it has actually shown to be bearish for ETH/JPY. Out of 279 times, ETHJPY closed lower 56.63% 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 ETHUSD gaining 2.69% and BCHUSD closing 1.76% higher. On the flipside the worst performer has been ETCUSD closing -0.36% lower. Looking at the other Minor Cryptocurrencies, the winners of the day have been BCNUSD surging 13.16% and VETBTC closing 5.15% higher. The worst performers of the day have been WAVESBTC tanking -5.27% and WAVESUSD closing -4.08% lower. Read more