BATBTC surges, gaining BTC0.00000164 (15.1%) within a single day on high volume
Basic Attention Token/Bitcoin Index (BATBTC) Technical Analysis Report for Nov 21, 2020 | by Techniquant Editorial Team
BATBTC finished Saturday at 0.00001250 surging BTC0.00000164 (15.1%) on high volume. This is the biggest single-day gain in over two months. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Friday's high at 0.00001116, BAT/BTC confirmed its breakout through the prior session high after trading up to BTC0.00000138 above it intraday.
Daily Candlestick Chart (BATBTC as at Nov 21, 2020):
Saturday's trading range has been BTC0.00000181 (16.67%), that's far above the last trading month's daily average range of BTC0.00000078. Weekly volatility is also higher, being slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently lower than usual for BATBTC.
Notwithstanding a weak opening the cryptocurrency managed to close above the previous day's open and close, forming a bullish Engulfing Candle. The last time this candlestick pattern showed up on November 10th, BATBTC actually lost -3.57% on the following trading day. Additionally, one bullish candlestick pattern matches today's price action, the White Candle.
The market managed to close above the 20-day moving average at 0.00001236 for the first time since August 31st. After having been unable to move lower than 0.00001065 in the prior session, BAT found buyers again around the same price level today at 0.00001073.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Among the 13 market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Decisive Up Move" stand out. Although it is usually interpreted as bullish, it has actually shown to be bearish for BAT/BTC. Out of 103 times, BATBTC closed lower 61.17% of the time on the next trading day after the market condition occurred.