ARDRBTC closes higher for the 2nd day in a row
Ardor/Bitcoin Index (ARDRBTC) Technical Analysis Report for Nov 22, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, ARDRBTC ended Sunday at 0.00000318 gaining BTC0.00000014 (4.61%) on high volume.
Daily Candlestick Chart (ARDRBTC as at Nov 22, 2020):
Sunday's trading range has been BTC0.00000025 (8.22%), that's slightly below the last trading month's daily average range of BTC0.00000026. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently notably lower than usual for ARDRBTC.
One bullish candlestick pattern matches today's price action, the White Candle.
Prices are trading close to the key technical resistance level at 0.00000330 (R1).
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Among the three market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "2 Consecutive Higher Closes" stand out. Although it is usually interpreted as bullish, it has actually shown to be bearish for ARDR/BTC. Out of 168 times, ARDRBTC closed lower 55.36% 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 51.79% with an average market move of 0.51%.