ADABTC closes above its opening price after recovering from early selling pressure
Cardano/Bitcoin Index (ADABTC) Technical Analysis Report for Oct 18, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, ADABTC ended Sunday at 0.00000934 gaining BTC0.00000002 (0.21%) on low volume. Trading up to BTC0.00000009 lower after the open, Cardano managed to reverse during the session as bulls took control ending the day above its opening price. The last time this happened on October 12th, ADABTC gained 0.84% on the following trading day. Closing within the previous day's range, prices missed to decisively move beyond the prior day's trading range in a lackluster session.
Daily Candlestick Chart (ADABTC as at Oct 18, 2020):
Sunday's trading range has been BTC0.00000015 (1.61%), that's far below the last trading month's daily average range of BTC0.00000043. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently lower than usual for ADABTC. Prices continued to consolidate within a tight trading range between 0.00000907 and 0.00000945 where it has been caught now for the last three trading days.
During the whole day, prices traded within the previous day's range, unable to trade above the prior day's high or below the previous day's low forming an Inside Bar. Additionally, one bullish candlestick pattern matches today's price action, the Bullish Spinning Top.
Prices are trading close to the key technical support level at 0.00000916 (S1).
Although ADA/BTC 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 0.00000945 where further buy stops could get triggered. Selling might accelerate should prices move below the nearby swing low at 0.00000907 where further sell stops could get activated.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bullish Spinning Top" stand out. Though it is usually interpreted as bullish, it has actually shown to be bearish for ADA/BTC. Out of 105 times, ADABTC closed lower 58.10% 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 ETHUSD gaining 2.69% and BCHUSD closing 1.76% higher. On the flipside the worst performer has been ETCUSD closing -0.36% lower. Looking at the other Minor Cryptocurrencies, the winners of the day have been BCNUSD surging 13.16% and VETBTC closing 5.15% higher. The worst performers of the day have been WAVESBTC tanking -5.27% and WAVESUSD closing -4.08% lower. Read more