ARDRBTC dominated by bears dragging the market lower throughout the day
Ardor/Bitcoin Index (ARDRBTC) Technical Analysis Report for Oct 25, 2020 | by Techniquant Editorial Team
ARDRBTC ended Sunday at 0.00000399 losing BTC0.00000017 (-4.09%). The bears were in full control today, moving the market lower throughout the whole session. Closing below Saturday's low at 0.00000408, Ardor confirmed its breakout through the prior session low after trading up to BTC0.00000010 below it intraday.
Daily Candlestick Chart (ARDRBTC as at Oct 25, 2020):
Sunday's trading range has been BTC0.00000021 (5.05%), 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 higher than usual for ARDRBTC.
Notwithstanding a strong opening the cryptocurrency closed below the previous day's open and close, forming a bearish Engulfing Candle. Additionally, two candlestick patterns are matching today's price action, the Bullish Hikkake Pattern which is known as bullish pattern and one bearish pattern, the Black Candle. The last time a Bullish Hikkake Pattern showed up on October 13th, ARDRBTC actually lost -2.88% on the following trading day.
Prices are trading close to the key technical support level at 0.00000393 (S1).
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Selling could accelerate should prices move below the close-by swing low at 0.00000393 where further sell stops might get triggered. With prices trading close to this year's low at 0.00000386, downside momentum could speed up should the market break out to new lows for the year.
Among the eight market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Decisive Down Move" stand out. Its common bearish interpretation has been confirmed for ARDR/BTC. Out of 157 times, ARDRBTC closed lower 59.24% 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 61.15% with an average market move of -2.27%.