ARDRBTC unable to break through key resistance level
Ardor/Bitcoin Index (ARDRBTC) Technical Analysis Report for Oct 18, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, ARDRBTC ended Sunday at 0.00000423 edging higher BTC0.00000001 (0.24%). Closing within the previous day's range, prices missed to decisively move beyond the prior day's trading range.
Daily Candlestick Chart (ARDRBTC as at Oct 18, 2020):
Sunday's trading range has been BTC0.00000026 (6.16%), that's slightly below the last trading month's daily average range of BTC0.00000027. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for ARDRBTC.
Four candlestick patterns are matching today's price action, the Southern Doji which is known as bullish pattern, two bearish patterns, the Bearish Hikkake Pattern and the Gravestone Doji and one neutral pattern, the Doji. The last time a Southern Doji showed up on September 8th, ARDRBTC gained 4.55% on the following trading day.
Unable to break through the key technical resistance level at 0.00000437 (R1), the market closed below it after spiking up to 0.00000441 earlier during the day. The failure to close above the resistance could increase that levels importance going forward. After having been unable to move lower than 0.00000412 in the previous session, ADRD found buyers again around the same price level today at 0.00000415.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term. With its 50-day moving average crossing below its 200-day moving average, the cryptocurrency has entered a so-called "Death Cross" for the first time since July 4th. Showing increasing downward momentum in the short and medium-term the "Death Cross" is known to indicate a potential bear market on the horizon.
Selling might accelerate should prices move below the nearby swing low at 0.00000408 where further sell stops could get activated. 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 nine market conditions that our pattern recognition engine identified today, the statistics for the Technical Indicators based market condition "Death Cross" stand out. Although it is usually interpreted as bearish, it has actually shown to be bullish for ARDR/BTC. Out of 4 times, ARDRBTC closed higher 100.00% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 50.00% with an average market move of 0.07%.
With six out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are ETHUSD gaining 2.69% and BCHUSD closing 1.76% higher. On the flipside the worst performer has been ETCUSD closing -0.36% lower. Looking at the other Minor Cryptocurrencies, the winners of the day have been BCNUSD surging 13.16% and VETBTC closing 5.15% higher. The worst performers of the day have been WAVESBTC tanking -5.27% and WAVESUSD closing -4.08% lower. Read more