BATBTC pushes through Friday's high
Basic Attention Token/Bitcoin Index (BATBTC) Technical Analysis Report for Nov 09, 2019 | by Techniquant Editorial Team
BATBTC ended Saturday at 0.00002803 gaining BTC0.00000101 (3.74%). The bulls were in full control today, moving the market higher throughout the whole session. Closing above Friday's high at 0.00002768, the cryptocurrency confirmed its breakout through the previous session high after trading up to BTC0.00000046 above it intraday.
Daily Candlestick Chart (BATBTC as at Nov 09, 2019):
Saturday's trading range has been BTC0.00000146 (5.4%), that's below the last trading month's daily average range of BTC0.00000221. Weekly volatility is also lower, being way below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for BATBTC.
Two candlestick patterns are matching today's price action, the White Candle which is known as bullish pattern and one bearish pattern, the Last Engulfing Top Pattern. The last time a White Candle showed up on Wednesday, BATBTC actually lost -3.13% on the following trading day.
Prices are trading close to the key technical resistance level at 0.00002832 (R1).
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying could speed up should prices move above the nearby swing high at 0.00002832 where further buy stops might get activated.
Among the seven market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Last Engulfing Top Pattern" stand out. Its common bearish interpretation has been confirmed for BAT/BTC. Out of 18 times, BATBTC closed lower 61.11% 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 66.67% with an average market move of -1.31%.
With five out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are LTCUSD gaining 2.57% and BCHUSD closing 1.29% higher. On the flipside the worst performers have been ETCUSD closing -0.8% lower and BTCUSD losing -0.16%. Looking at the other Minor Cryptocurrencies, the winners of the day have been KMDBTC surging 19.83% and KMDUSD closing 19.72% higher. The worst performers of the day have been SCBTC tanking -4.35% and PIVXBTC closing -4.06% lower. Read more