ARDRBTC breaks below key technical support level
Ardor/Bitcoin Index (ARDRBTC) Technical Analysis Report for May 23, 2020 | by Techniquant Editorial Team
ARDRBTC finished Saturday at 0.00000558 losing BTC0.00000057 (-9.27%) on high volume. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range.
Daily Candlestick Chart (ARDRBTC as at May 23, 2020):
Saturday's trading range has been BTC0.00000101 (16.42%), that's slightly above the last trading month's daily average range of BTC0.00000050. Weekly volatility is also higher, being way above the market's average weekly trading range. The longer-term, monthly volatility is currently significantly higher than usual for ARDRBTC.
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 bearish candlestick pattern matches today's price action, the Black Candle. The last time a Black Candle showed up on May 14th, ARDRBTC actually gained 6.44% on the following trading day.
Prices are trading close to the key technical support level at 0.00000502 (S1). Prices broke below the key technical support level at 0.00000579 (now R1), which is likely to act as resistance going forward.
With another close above the upper Bollinger Band, prices are confirming their strong upward momentum in the short-term. A drop back into the Bollinger Band on the next trading day although might signal a potential change in momentum that could lead to a correction back down towards the center of the Bollinger Bands at 0.00000432.
Though still in a long-term downtrend, the short and medium-term trends both turned bullish already.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the Technical Indicators based market condition "Close above the upper Bollinger Band" stand out. While it is usually interpreted as bullish, it has actually shown to be bearish for ARDR/BTC. Out of 79 times, ARDRBTC closed lower 67.09% 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 eight trading days, showing a win rate of 48.10% with an average market move of 1.15%.
With five out of the seven Major Cryptocurrencies closing lower today, the ones that stand out on the negative side are EOSUSD losing -1.16% and LTCUSD closing -0.81% lower. On the flipside the best performers have been ETCUSD closing 1.55% higher and BTCUSD gaining 0.23%. Looking at the other Minor Cryptocurrencies, the winners of the day have been BCNUSD surging 10.84% and XVGUSD closing 5.05% higher. The worst performers of the day have been HSRBTC tanking -9.88% and ELFBTC closing -7.58% lower. Read more