ARDRBTC dominated by bears dragging the market lower throughout the day
Ardor/Bitcoin Index (ARDRBTC) Technical Analysis Report for Aug 01, 2020 | by Techniquant Editorial Team
Moving lower for the 2nd day in a row, ARDRBTC ended Saturday at 0.00000480 losing BTC0.00000020 (-4.0%) on low volume. The bears were in full control today, moving the market lower throughout the whole session. Closing below Friday's low at 0.00000487, the cryptocurrency confirmed its breakout through the previous session low after trading up to BTC0.00000011 below it intraday.
Daily Candlestick Chart (ARDRBTC as at Aug 01, 2020):
Saturday's trading range has been BTC0.00000027 (5.4%), that's below the last trading month's daily average range of BTC0.00000060. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently higher than usual for ARDRBTC.
Two candlestick patterns are matching today's price action, the Bearish Short Candle and the Black Candle which are both known as bearish patterns. The last time a Black Candle showed up on July 25th, ARDRBTC lost -5.36% on the following trading day.
Prices are trading close to the key technical support level at 0.00000474 (S1).
Though still in a long-term uptrend, the short and medium-term trends both turned bearish already.
With prices trading close to this year's low at 0.00000386, downside momentum might speed up should ARDR/BTC break out to new lows for the year.
Among the eight market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bearish Short Candle" stand out. Its common bearish interpretation has been confirmed for ARDR/BTC. Out of 64 times, ARDRBTC closed lower 67.19% 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 67.19% with an average market move of -4.31%.
With seven out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are XRPUSD gaining 12.04% and ETHUSD closing 11.71% higher. None of the markets ended the day in the red. Looking at the other Minor Cryptocurrencies, the winners of the day have been ZECUSD surging 19.59% and DOGEUSD closing 15.6% higher. The worst performers of the day have been STRATBTC tanking -4.08% and XVGBTC closing -3.77% lower. Read more