ETHUSD dominated by bulls lifting the market higher throughout the day
Ethereum/US Dollar Index (ETHUSD) Technical Analysis Report for Nov 21, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, ETHUSD ended Saturday at 550.59 surging $40.16 (7.87%) on high volume. This is the biggest single-day gain in over two months. Today's close at 550.59 marks the highest recorded closing price since June 9, 2018. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Friday's high at 514.38, the market confirmed its breakout through the prior session high after trading up to $38.73 above it intraday.
Daily Candlestick Chart (ETHUSD as at Nov 21, 2020):
Saturday's trading range has been $50.02 (9.8%), that's far above the last trading month's daily average range of $28.24. Weekly volatility is also higher, being way above the market's average weekly trading range. The longer-term, monthly volatility is currently notably higher than usual for ETHUSD.
One bullish candlestick pattern matches today's price action, the White Candle.
Crossing above the upper Bollinger Band for the first time since November 8th, prices have shown unusually strong upward momentum in the short-term. This could either indicate a potential buying climax after which prices might head back down towards the mean of the Bollinger Bands at 455.16 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 8th, ETHUSD actually lost -2.30% 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 "52 Week High" stand out. Its common bullish interpretation has been confirmed for ETH/USD. Out of 78 times, ETHUSD closed higher 55.13% 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 10 trading days, showing a win rate of 62.82% with an average market move of 16.04%.