ETHUSD closes above its opening price after recovering from early selling pressure
Ethereum/US Dollar Index (ETHUSD) Technical Analysis Report for Nov 09, 2019 | by Techniquant Editorial Team
ETHUSD finished Saturday at 185.43 gaining $0.43 (0.23%) on low volume. Trading up to $0.98 lower after the open, ETH/USD managed to reverse during the session as bulls took control ending the day above its opening price. 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 (ETHUSD as at Nov 09, 2019):
Saturday's trading range has been $2.82 (1.53%), that's far below the last trading month's daily average range of $9.76. 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 ETHUSD.
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. 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, ETHUSD actually lost -4.84% on the following trading day.
While Ethereum 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 194.57 where further buy stops might get activated. Selling could speed up should prices move below the close-by swing low at 181.02 where further sell stops might get triggered. Further buying could move prices higher should the market test October's nearby high at 198.61.
Among the seven market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "White Candle" stand out. Although it is usually interpreted as bullish, it has actually shown to be bearish for ETH/USD. Out of 374 times, ETHUSD closed lower 56.68% of the time on the next trading day after the market condition occurred.
With four out of the other six 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 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