ETHUSD rises to highest close since June 9, 2018
Ethereum/US Dollar Index (ETHUSD) Technical Analysis Report for Nov 22, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, ETHUSD finished Sunday at 560.01 gaining $9.42 (1.71%) on high volume. Today's close at 560.01 marks the highest recorded closing price since June 9, 2018. Trading up to $38.93 lower after the open, the market managed to reverse during the session as bulls took control ending the day above its opening price. The last time this happened on November 4th, ETHUSD gained 3.53% on the following trading day. Closing above Saturday's high at 553.11, ETH/USD confirmed its breakout through the previous session high after trading up to $27.94 above it intraday.
Daily Candlestick Chart (ETHUSD as at Nov 22, 2020):
Sunday's trading range has been $67.72 (12.26%), that's far above the last trading month's daily average range of $30.34. 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 ETHUSD.
Two candlestick patterns are matching today's price action, the Bullish High-Wave Candle and the Bullish Spinning Top which are both known as bullish patterns.
With another close above the upper Bollinger Band, prices are confirming their strong upward momentum in the short-term. A drop back into the Bollinger Band on the next trading day while might signal a potential change in momentum that could lead to a correction back down towards the center of the Bollinger Bands at 463.98.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the seven market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bullish High-Wave Candle" stand out. Its common bullish interpretation has been confirmed for ETH/USD. Out of 22 times, ETHUSD closed higher 54.55% 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 63.64% with an average market move of 3.49%.