Given that we see an uptrend on the 10 and 5 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting.
Regarding the trend, note that the strongest trend exists on the 100 hour timeframe.
Out of the 7 instruments in the top cryptos asset class, ethereum ended up ranking 3rd for the day in terms of price change relative to the previous day.
Secretary of state michael pompeo announced fresh sanctions against 18 iranian banks on october 8.
If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 hour timeframe.
As for how volume fared, yesterday’s volume was up 262.23% from the previous day (thursday), and up 188.2% from friday of the week before.
This move is a reversal from the hour prior, which saw price move up.
Also of note is that on a 30 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward.
This move happened on lower volume, as yesterday’s volume was down 22.23% from the day before — and down 6.87% from the same day the week before.
This is gonna be in my top 3 of focus near term.