ARDRBTC runs into sellers again around 0.00000424
Ardor/Bitcoin Index (ARDRBTC) Technical Analysis Report for Oct 17, 2020 | by Techniquant Editorial Team
ARDRBTC finished Saturday at 0.00000422 gaining BTC0.00000009 (2.18%). 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 in a lackluster session.
Daily Candlestick Chart (ARDRBTC as at Oct 17, 2020):
Saturday's trading range has been BTC0.00000012 (2.91%), that's below the last trading month's daily average range of BTC0.00000028. 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.
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, the market 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 resistance level at 0.00000437 (R1). After having been unable to move above 0.00000427 in the prior session, ADRD ran into sellers again around the same price level today, missing to move higher than 0.00000424. The last time this happened on Wednesday, ARDRBTC lost -3.42% on the following trading day.
While the cryptocurrency is experiencing a short-term uptrend, this might just be a correction, as both the medium and long-term trends are still bearish.
Selling could accelerate should prices move below the nearby swing low at 0.00000408 where further sell stops might get activated. With prices trading close to this year's low at 0.00000386, downside momentum could speed up should ARDR/BTC break out to new lows for the year.
Among the seven 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 52 times, ARDRBTC closed lower 63.46% 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 65.38% with an average market move of -0.45%.
With four out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are ETHUSD gaining 0.81% and BTCUSD closing 0.37% higher. On the flipside the worst performers have been BCHUSD closing -2.05% lower and LTCUSD losing -1.43%. Looking at the other Minor Cryptocurrencies, the winners of the day have been WAVESUSD surging 8.14% and WAVESBTC closing 7.59% higher. The worst performers of the day have been BCNUSD tanking -10.94% and BCHBTC closing -2.26% lower. Read more