ARDRBTC bounces off lows recouping most intraday losses
Ardor/Bitcoin Index (ARDRBTC) Technical Analysis Report for Nov 09, 2019 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, ARDRBTC ended Saturday at 0.00000604 gaining BTC0.00000011 (1.85%) on low volume. Trading up to BTC0.00000029 lower after the open, the cryptocurrency managed to reverse during the session as bulls took control ending the day above its opening price. Closing above Friday's high at 0.00000599, ARDR/BTC confirmed its breakout through the previous session high after trading up to BTC0.00000008 above it intraday.
Daily Candlestick Chart (ARDRBTC as at Nov 09, 2019):
Saturday's trading range has been BTC0.00000043 (7.25%), that's slightly above the last trading month's daily average range of BTC0.00000039. Things look different on the weekly timeframe, where the market's trading range of the last week has been below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for ARDRBTC. Prices continued to consolidate within a tight trading range between 0.00000562 and 0.00000607 where it has been caught now for the whole last trading week.
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. Although trading as low as 0.00000564 during the day, Ardor has decisively rejected those price levels and formed a bullish Pin Bar closing BTC0.00000040 above today's low. Additionally, one bullish candlestick pattern matches today's price action, the Hammer. The last time a Hammer showed up on July 5th, ARDRBTC actually lost -2.43% on the following trading day.
The market managed to close back above the 100-day moving average at 0.00000596.
While ADRD is experiencing a short-term uptrend, this might just be a correction, as both the medium and long-term trends are still bearish.
Buying could accelerate should prices move above the close-by swing high at 0.00000630 where further buy stops might get triggered.
Among the 13 market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bullish Pin Bar" stand out. Its common bullish interpretation has been confirmed for ARDR/BTC. Out of 2 times, ARDRBTC closed higher 100.00% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after eight trading days, showing a win rate of 50.00% with an average market move of 7.02%.
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