ETHUSD finds buyers again around 183.70
Ethereum/US Dollar Index (ETHUSD) Technical Analysis Report for Nov 10, 2019 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, ETHUSD ended Sunday at 189.22 gaining $3.79 (2.04%). Closing above Saturday's high at 185.69, Ethereum confirmed its breakout through the prior session high after trading up to $6.22 above it intraday.
Daily Candlestick Chart (ETHUSD as at Nov 10, 2019):
Sunday's trading range has been $8.21 (4.44%), that's slightly below the last trading month's daily average range of $9.86. 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.
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 last time a Bearish Hikkake Pattern showed up on October 28th, ETHUSD actually gained 4.62% on the following trading day.
The market managed to close back above the 100-day moving average at 187.31. After having been unable to move lower than 182.87 in the previous session, Ether found buyers again around the same price level today at 183.70.
While the cryptocurrency 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 194.57 where further buy stops might get triggered. Selling could accelerate should prices move below the nearby swing low at 181.02 where further sell stops might get activated. Further buying could move prices higher should the market test October's close-by high at 198.61.
Among the eight market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bearish Hikkake Pattern" stand out. Its common bearish interpretation has been confirmed for ETH/USD. Out of 114 times, ETHUSD closed lower 57.02% of the time on the next trading day after the market condition occurred.
With five out of the other six 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 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