BATBTC closes below its opening price unable to hold early session gains
Basic Attention Token/Bitcoin Index (BATBTC) Technical Analysis Report for Oct 18, 2020 | by Techniquant Editorial Team
BATBTC ended Sunday at 0.00001861 losing BTC0.00000027 (-1.43%). Trading BTC0.00000016 higher after the open, the market was unable to hold its gains as the bears took control ending the day below its opening price. 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 Oct 18, 2020):
Sunday's trading range has been BTC0.00000044 (2.33%), that's below the last trading month's daily average range of BTC0.00000069. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for BATBTC.
Two candlestick patterns are matching today's price action, the Bearish Short Candle and the Black Candle which are both known as bearish patterns. The last time a Bearish Short Candle showed up on Friday, BATBTC actually gained 3.28% on the following trading day.
After having been unable to move above 0.00001901 in the prior session, BAT ran into sellers again around the same price level today, missing to move higher than 0.00001904.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Buying could accelerate should prices move above the nearby swing high at 0.00001958 where further buy stops might get activated. Selling could speed up 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 accelerate should BAT/BTC break out to new lows for the year.
Among the eight market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Bearish Intraday Reversal" stand out. Its common bearish interpretation has been confirmed for BAT/BTC. Out of 232 times, BATBTC closed lower 56.03% 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 three trading days, showing a win rate of 52.16% with an average market move of 0.01%.
With six out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are ETHUSD gaining 2.69% and BCHUSD closing 1.76% higher. On the flipside the worst performer has been ETCUSD closing -0.36% lower. Looking at the other Minor Cryptocurrencies, the winners of the day have been BCNUSD surging 13.16% and VETBTC closing 5.15% higher. The worst performers of the day have been WAVESBTC tanking -5.27% and WAVESUSD closing -4.08% lower. Read more