BATBTC dominated by bears dragging the market lower throughout the day
Basic Attention Token/Bitcoin Index (BATBTC) Technical Analysis Report for Nov 10, 2019 | by Techniquant Editorial Team
BATBTC finished Sunday at 0.00002704 losing BTC0.00000099 (-3.53%). The bears were in full control today, moving the market lower throughout the whole session. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range.
Daily Candlestick Chart (BATBTC as at Nov 10, 2019):
Sunday's trading range has been BTC0.00000159 (5.64%), that's slightly below the last trading month's daily average range of BTC0.00000222. 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 Black Candle and the Dark Cloud Cover which are both known as bearish patterns. The last time a Dark Cloud Cover showed up on October 21st, BATBTC actually gained 12.73% on the following trading day.
Prices are trading close to the key technical support level at 0.00002587 (S1). Unable to break through the key technical resistance level at 0.00002832 (R1), BAT/BTC closed below it after spiking up to 0.00002851 earlier during the day. The failure to close above the resistance might increase that levels importance going forward.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Selling could accelerate should prices move below the nearby swing low at 0.00002581 where further sell 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 "Dark Cloud Cover" stand out. While it is usually interpreted as bearish, it has actually shown to be bullish for BAT/BTC. Out of 2 times, BATBTC 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 four trading days, showing a win rate of 50.00% with an average market move of 4.75%.
With six out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are BCHUSD gaining 3.73% and EOSUSD closing 3.16% higher. On the flipside the worst performer has been XRPUSD closing -0.14% lower. Looking at the other Minor Cryptocurrencies, the winners of the day have been XLMUSD surging 8.52% and VETBTC closing 6.78% higher. The worst performers of the day have been KMDBTC tanking -9.82% and KMDUSD closing -7.06% lower. Read more