BATBTC finds buyers again around 0.00002158
Basic Attention Token/Bitcoin Index (BATBTC) Technical Analysis Report for Aug 01, 2020 | by Techniquant Editorial Team
BATBTC finished Saturday at 0.00002192 losing BTC0.00000036 (-1.62%). Today's close at 0.00002192 marks the lowest recorded closing price since June 1st. 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 Aug 01, 2020):
Saturday's trading range has been BTC0.00000096 (4.31%), that's below the last trading month's daily average range of BTC0.00000163. Weekly volatility is also lower, being way below the market's average weekly trading range. The longer-term, monthly volatility is currently higher than usual for BATBTC.
One bullish candlestick pattern matches today's price action, the Last Engulfing Bottom Pattern. The last time a Last Engulfing Bottom Pattern showed up on Wednesday, BATBTC actually lost -0.27% on the following trading day.
Prices are trading close to the key technical resistance level at 0.00002269 (R1). After having been unable to move lower than 0.00002178 in the prior session, the cryptocurrency found buyers again around the same price level today at 0.00002158.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Selling might accelerate should prices move below the close-by swing low at 0.00002138 where further sell stops could get triggered.
Among the three market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Low close to previous low" stand out. While it is usually interpreted as bullish, it has actually shown to be bearish for BAT/BTC. Out of 346 times, BATBTC closed lower 54.05% 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 four trading days, showing a win rate of 52.31% with an average market move of -0.55%.
With seven out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are XRPUSD gaining 12.04% and ETHUSD closing 11.71% higher. None of the markets ended the day in the red. Looking at the other Minor Cryptocurrencies, the winners of the day have been ZECUSD surging 19.59% and DOGEUSD closing 15.6% higher. The worst performers of the day have been STRATBTC tanking -4.08% and ARDRBTC closing -4.0% lower. Read more