ARDRBTC closes higher for the 3rd day in a row
Ardor/Bitcoin Index (ARDRBTC) Technical Analysis Report for Nov 10, 2019 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, ARDRBTC finished Sunday at 0.00000608 gaining BTC0.00000004 (0.66%). Closing above Saturday's high at 0.00000607, Ardor confirmed its breakout through the previous session high after trading up to BTC0.00000018 above it intraday.
Daily Candlestick Chart (ARDRBTC as at Nov 10, 2019):
Sunday's trading range has been BTC0.00000029 (4.86%), that's below the last trading month's daily average range of BTC0.00000039. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for ARDRBTC.
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 nearby swing high at 0.00000630 where further buy stops might get triggered.
Among the three market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "3 Consecutive Higher Closes" stand out. Though it is usually interpreted as bullish, it has actually shown to be bearish for ARDR/BTC. Out of 56 times, ARDRBTC closed lower 55.36% 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 three trading days, showing a win rate of 55.36% with an average market move of 0.53%.
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