ADABTC pushes through Saturday's high
Cardano/Bitcoin Index (ADABTC) Technical Analysis Report for Nov 10, 2019 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, ADABTC finished Sunday at 0.00000486 gaining BTC0.00000004 (0.83%). Today's close at 0.00000486 marks the highest recorded closing price since October 24th. Trading up to BTC0.00000006 lower after the open, ADA/BTC managed to reverse during the session as bulls took control ending the day above its opening price. Closing above Saturday's high at 0.00000484, ADA confirmed its breakout through the previous session high after trading up to BTC0.00000006 above it intraday.
Daily Candlestick Chart (ADABTC as at Nov 10, 2019):
Sunday's trading range has been BTC0.00000014 (2.9%), that's slightly 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.
In a volatile session, prices traded above the prior day's high as well as below the previous day's low, forming a bullish Outside Bar. The last time this happened on August 13th, ADABTC actually lost -4.29% on the following trading day.
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). After having been unable to move lower than 0.00000477 in the prior session, the cryptocurrency found buyers again around the same price level today at 0.00000476.
Although the market 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 nearby swing high at 0.00000491 where further buy stops could get triggered.
Among the seven market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "3 Consecutive Higher Closes" stand out. While it is usually interpreted as bullish, it has actually shown to be bearish for ADA/BTC. Out of 40 times, ADABTC closed lower 60.00% of the time on the next trading day after the market condition occurred.
With six out of the seven 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 other 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