BATBTC breaks back below 50-day moving average
Basic Attention Token/Bitcoin Index (BATBTC) Technical Analysis Report for May 23, 2020 | by Techniquant Editorial Team
BATBTC finished Saturday at 0.00002212 losing BTC0.00000033 (-1.47%). Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range in a lackluster session.
Daily Candlestick Chart (BATBTC as at May 23, 2020):
Saturday's trading range has been BTC0.00000069 (3.07%), that's below the last trading month's daily average range of BTC0.00000164. Weekly volatility is also lower, being way below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for BATBTC. Prices continued to consolidate within a tight trading range between 0.00002098 and 0.00002269 where it has been caught now for the whole last trading week.
During the whole day, prices traded within the prior day's range, unable to trade above the previous day's high or below the prior day's low forming an Inside Bar. After moving higher in the previous session, the market closed lower but above the prior day's open today, forming a bearish Harami Candle.
BAT/BTC closed back below the 50-day moving average at 0.00002230. When this moving average was crossed below the last time on May 13th, BATBTC lost -5.75% on the following trading day. After having been unable to move above 0.00002269 in the previous session, the cryptocurrency ran into sellers again around the same price level today, failing to move higher than 0.00002267.
Though still in a long-term downtrend, the short and medium-term trends both turned bullish already.
Buying might accelerate should prices move above the nearby swing high at 0.00002269 where further buy stops could get triggered. Selling might speed up should prices move below the close-by swing low at 0.00002085 where further sell stops could get activated.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bearish Harami Candle" stand out. Its common bearish interpretation has been confirmed for BAT/BTC. Out of 23 times, BATBTC closed lower 56.52% 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 nine trading days, showing a win rate of 65.22% with an average market move of -1.76%.
With five out of the seven Major Cryptocurrencies closing lower today, the ones that stand out on the negative side are EOSUSD losing -1.16% and LTCUSD closing -0.81% lower. On the flipside the best performers have been ETCUSD closing 1.55% higher and BTCUSD gaining 0.23%. Looking at the other Minor Cryptocurrencies, the winners of the day have been BCNUSD surging 10.84% and XVGUSD closing 5.05% higher. The worst performers of the day have been HSRBTC tanking -9.88% and ARDRBTC closing -9.27% lower. Read more