ARDRBTC finds buyers again around 0.00000274
Ardor/Bitcoin Index (ARDRBTC) Technical Analysis Report for Nov 21, 2020 | by Techniquant Editorial Team
ARDRBTC ended Saturday at 0.00000304 gaining BTC0.00000022 (7.8%). The bulls were in full control today, moving the market higher throughout the whole session. Closing above Friday's high at 0.00000296, the market confirmed its breakout through the prior session high after trading up to BTC0.00000008 above it intraday.
Daily Candlestick Chart (ARDRBTC as at Nov 21, 2020):
Saturday's trading range has been BTC0.00000030 (10.64%), that's slightly below the last trading month's daily average range of BTC0.00000036. 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.
In a volatile session, prices traded above the previous day's high as well as below the prior day's low, forming a bullish Outside Bar. In spite of a weak opening ADRD managed to close above the previous day's open and close, forming a bullish Engulfing Candle. Additionally, one bullish candlestick pattern matches today's price action, the White Candle.
After having been unable to move lower than 0.00000277 in the prior session, ARDR/BTC found buyers again around the same price level today at 0.00000274. The last time this happened on November 13th, ARDRBTC gained 6.02% on the following trading day.
Crossing above the lower Bollinger Band, prices have lost at least some of their downward momentum in the short-term and could now be heading back up towards the mean of the Bollinger Bands at 0.00000331.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Among the 10 market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "52 Week Low" stand out. Its common bearish interpretation has been confirmed for ARDR/BTC. Out of 77 times, ARDRBTC closed lower 53.25% 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 seven trading days, showing a win rate of 59.74% with an average market move of -2.57%.