BATBTC closes within previous day's range
Basic Attention Token/Bitcoin Index (BATBTC) Technical Analysis Report for Nov 22, 2020 | by Techniquant Editorial Team
BATBTC ended Sunday at 0.00001195 losing BTC0.00000055 (-4.4%) on high volume. Closing within the previous day's range, prices missed to decisively move beyond the prior day's trading range.
Daily Candlestick Chart (BATBTC as at Nov 22, 2020):
Sunday's trading range has been BTC0.00000094 (7.52%), that's slightly above the last trading month's daily average range of BTC0.00000080. 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.
One bearish candlestick pattern matches today's price action, the Black Candle. The last time a Black Candle showed up on November 16th, BATBTC lost -1.69% on the following trading day.
BAT/BTC closed back below the 20-day moving average at 0.00001228. After having been unable to move above 0.00001254 in the previous session, the market ran into sellers again around the same price level today, missing to move higher than 0.00001267.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Among the three market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "High close to prior High" stand out. Its common bearish interpretation has been confirmed for BAT/BTC. Out of 311 times, BATBTC closed lower 53.70% 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 two trading days, showing a win rate of 54.98% with an average market move of -0.01%.