ARDRBTC dominated by bulls lifting the market higher throughout the day
Ardor/Bitcoin Index (ARDRBTC) Technical Analysis Report for Jul 03, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, ARDRBTC finished the week 2.45% higher at 0.00000543 after surging BTC0.00000025 (4.83%) today. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Thursday's high at 0.00000524, the market confirmed its breakout through the previous session high after trading up to BTC0.00000023 above it intraday.
Daily Candlestick Chart (ARDRBTC as at Jul 03, 2020):
Friday's trading range has been BTC0.00000034 (6.56%), that's slightly above the last trading month's daily average range of BTC0.00000033. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly 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 0.00000509 and 0.00000547 where it has been caught now for the whole last trading week.
Two candlestick patterns are matching today's price action, the White Candle which is known as bullish pattern and one bearish pattern, the Bearish Hikkake Pattern. The last time a White Candle showed up on June 26th, ARDRBTC actually lost -5.85% on the following trading day.
Ardor managed to close back above the 200-day moving average at 0.00000523. ARDR/BTC found buyers again today around 0.00000513 for the third trading day in a row after having found demand at 0.00000511 in the prior session and at 0.00000509 two days ago.
Though the cryptocurrency is currently in a short-term downtrend, this might just be a correction, as both the medium and long-term trends are still bullish.
Selling could accelerate should prices move below the close-by swing low at 0.00000509 where further sell stops might get triggered.
Among the 13 market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bullish Break through SMA 200" stand out. Although it is usually interpreted as bullish, it has actually shown to be bearish for ARDR/BTC. Out of 19 times, ARDRBTC closed lower 78.95% 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 10 trading days, showing a win rate of 52.63% with an average market move of -1.51%.
With five out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are EOSUSD gaining 2.54% and XRPUSD closing 0.86% higher. On the flipside the worst performers have been ETHUSD closing -0.59% lower and BTCUSD losing -0.29%. Looking at the other Minor Cryptocurrencies, the winners of the day have been VETBTC surging 7.62% and ICXBTC closing 6.57% higher. The worst performers of the day have been BTGUSD tanking -8.19% and BTGBTC closing -5.0% lower. Read more