BATBTC soars 3.28% closing BTC0.00000060 higher
Basic Attention Token/Bitcoin Index (BATBTC) Technical Analysis Report for Oct 17, 2020 | by Techniquant Editorial Team
BATBTC finished Saturday at 0.00001888 surging BTC0.00000060 (3.28%). This is the biggest single-day gain in over two weeks. The last time we've seen such an unusually strong single-day gain on August 20th, BATBTC gained 7.36% on the following trading day. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Friday's high at 0.00001868, BAT confirmed its breakout through the prior session high after trading up to BTC0.00000033 above it intraday.
Daily Candlestick Chart (BATBTC as at Oct 17, 2020):
Saturday's trading range has been BTC0.00000080 (4.38%), that's slightly above the last trading month's daily average range of BTC0.00000073. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for BATBTC.
Notwithstanding a weak opening BAT/BTC managed to close above the previous day's open and close, forming a bullish Engulfing Candle. Additionally, one bullish candlestick pattern matches today's price action, the White Candle.
After having been unable to move lower than 0.00001819 in the prior session, the market found buyers again around the same price level today at 0.00001821.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Buying could speed up should prices move above the nearby swing high at 0.00001958 where further buy stops might get activated. Selling could accelerate should prices move below the close-by swing low at 0.00001819 where further sell stops might get triggered. With prices trading close to this year's low at 0.00001789, downside momentum could speed up should the cryptocurrency break out to new lows for the year.
Among the 10 market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Decisive Up Move" stand out. While it is usually interpreted as bullish, it has actually shown to be bearish for BAT/BTC. Out of 100 times, BATBTC closed lower 60.00% of the time on the next trading day after the market condition occurred.
With four out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are ETHUSD gaining 0.81% and BTCUSD closing 0.37% higher. On the flipside the worst performers have been BCHUSD closing -2.05% lower and LTCUSD losing -1.43%. Looking at the other Minor Cryptocurrencies, the winners of the day have been WAVESUSD surging 8.14% and WAVESBTC closing 7.59% higher. The worst performers of the day have been BCNUSD tanking -10.94% and BCHBTC closing -2.26% lower. Read more