ETHJPY dominated by bulls lifting the market higher throughout the day
Ethereum/Japanese Yen Index (ETHJPY) Technical Analysis Report for Nov 21, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, ETHJPY finished Saturday at 57339.54 surging ¥4322.37 (8.15%) on high volume. This is the biggest single-day gain in over two months. Today's close at 57339.54 marks the highest recorded closing price since June 21, 2018. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Friday's high at 54103.11, the cryptocurrency confirmed its breakout through the prior session high after trading up to ¥3275.24 above it intraday.
Daily Candlestick Chart (ETHJPY as at Nov 21, 2020):
Saturday's trading range has been ¥4773.44 (9.0%), that's far above the last trading month's daily average range of ¥2502.09. Weekly volatility is also higher, being way above the market's average weekly trading range. The longer-term, monthly volatility is currently strongly higher than usual for ETHJPY.
One bullish candlestick pattern matches today's price action, the White Candle.
Crossing above the upper Bollinger Band for the first time since November 11th, prices have shown unusually strong upward momentum in the short-term. This might either indicate a potential buying climax after which prices could head back down towards the mean of the Bollinger Bands at 47479.48 or signal the beginning of a strong momentum breakout leading to even higher prices. The last time prices broke out above the upper Bollinger Band on November 11th, ETHJPY actually lost -0.54% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the 12 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 287 times, ETHJPY closed lower 56.79% of the time on the next trading day after the market condition occurred.