ADABTC dominated by bulls lifting the market higher throughout the day
Cardano/Bitcoin Index (ADABTC) Technical Analysis Report for Nov 21, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, ADABTC finished Saturday at 0.00000715 surging BTC0.00000082 (12.95%) on high volume. This is the biggest single-day gain in over a month. The last time we've seen such an unusually strong single-day gain on November 6th, ADABTC actually lost -2.71% on the following trading day. Today's close at 0.00000715 marks the highest recorded closing price since October 28th. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Friday's high at 0.00000639, the cryptocurrency confirmed its breakout through the prior session high after trading up to BTC0.00000079 above it intraday.
Daily Candlestick Chart (ADABTC as at Nov 21, 2020):
Saturday's trading range has been BTC0.00000088 (13.9%), that's far above the last trading month's daily average range of BTC0.00000041. Weekly volatility is also higher, being way above the market's average weekly trading range. The longer-term, monthly volatility is currently lower than usual for ADABTC.
One bullish candlestick pattern matches today's price action, the White Candle.
Cardano managed to close above the 20-day moving average at 0.00000657 for the first time since October 19th. Prices are trading close to the key technical resistance level at 0.00000740 (R1).
Though 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.
As prices are trading close to November's high at 0.00000730, upside momentum might accelerate should ADA/BTC mark new highs for the month.
Among the 10 market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bullish Break through SMA 20" stand out. While it is usually interpreted as bullish, it has actually shown to be bearish for ADA/BTC. Out of 48 times, ADABTC closed lower 68.75% of the time on the next trading day after the market condition occurred.