ADABTC runs into sellers around 0.00000484 for the third day in a row
Cardano/Bitcoin Index (ADABTC) Technical Analysis Report for Nov 09, 2019 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, ADABTC finished Saturday at 0.00000482 gaining BTC0.00000001 (0.21%) on low volume. Today's close at 0.00000482 marks the highest recorded closing price since October 24th. Trading up to BTC0.00000004 lower after the open, ADA/BTC managed to reverse during the session as bulls took control ending the day above its opening price. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Daily Candlestick Chart (ADABTC as at Nov 09, 2019):
Saturday's trading range has been BTC0.00000007 (1.46%), that's below the last trading month's daily average range of BTC0.00000020. 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 ADABTC.
One bullish candlestick pattern matches today's price action, the Bullish Spinning Top.
Prices are trading close to the key technical support level at 0.00000475 (S1). Prices are trading close to the key technical resistance level at 0.00000493 (R1). ADA ran into sellers again today around 0.00000484 for the third trading day in a row after having found sellers at 0.00000482 in the previous session and at 0.00000482 two days ago. The last time this happened on October 18th, ADABTC actually gained 3.14% on the following trading day.
Though Cardano is experiencing a short-term uptrend, this could just be a correction, as both the medium and long-term trends are still bearish.
Buying might speed up should prices move above the close-by swing high at 0.00000491 where further buy stops could get activated. Selling might accelerate should prices move below the nearby swing low at 0.00000463 where further sell stops could get triggered.
Among the seven market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bullish Spinning Top" stand out. While it is usually interpreted as bullish, it has actually shown to be bearish for ADA/BTC. Out of 75 times, ADABTC closed lower 61.33% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the short side has been after two trading days, showing a win rate of 65.33% with an average market move of 0.31%.
With five out of the seven 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 other 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