ARDRBTC dominated by bulls lifting the market higher throughout the day
Ardor/Bitcoin Index (ARDRBTC) Technical Analysis Report for May 29, 2020 | by Techniquant Editorial Team
ARDRBTC finished the month 14.25% higher at 0.00000497 after gaining BTC0.00000019 (3.97%) today. The bulls were in full control today, moving the market higher throughout the whole session. 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 29, 2020):
Friday's trading range has been BTC0.00000025 (5.23%), that's slightly below the last trading month's daily average range of BTC0.00000058. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently strongly higher than usual for ARDRBTC. Prices continued to consolidate within a tight trading range between 0.00000474 and 0.00000544 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. After moving lower in the prior session, ADRD managed to close higher but below the previous day's open, forming a bullish Harami Candle. Additionally, one bullish candlestick pattern matches today's price action, the White Candle.
Prices are trading close to the key technical support level at 0.00000476 (S1). After having been unable to move lower than 0.00000474 in the prior session, the cryptocurrency found buyers again around the same price level today at 0.00000477. The last time this happened on Tuesday, ARDRBTC actually lost -7.38% on the following trading day.
While still in a long-term downtrend, the short and medium-term trends both turned bullish already.
Selling might accelerate should prices move below the nearby swing low at 0.00000474 where further sell stops could get triggered.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bullish Harami Candle" stand out. Although it is usually interpreted as bullish, it has actually shown to be bearish for ARDR/BTC. Out of 44 times, ARDRBTC closed lower 63.64% 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 five trading days, showing a win rate of 68.18% with an average market move of -0.99%.
With four out of the seven Major Cryptocurrencies closing lower today, the ones that stand out on the negative side are BTCUSD losing -1.62% and XRPUSD closing -1.4% lower. On the flipside the best performers have been ETCUSD closing 5.1% higher and EOSUSD gaining 0.38%. Looking at the other Minor Cryptocurrencies, the winners of the day have been ETCBTC surging 6.98% and PIVXBTC closing 5.97% higher. The worst performers of the day have been STRATUSD tanking -2.94% and ZECUSD closing -2.43% lower. Read more