BATUSD closes within prior day's range after lackluster session
Basic Attention Token/US Dollar Index (BATUSD) Technical Analysis Report for Nov 10, 2019 | by Techniquant Editorial Team
BATUSD finished Sunday at 0.2447 losing $0.0023 (-0.93%). Trading $0.0093 higher after the open, BAT/USD was unable to hold its gains as the bears took control ending the day below its opening price. Closing within the previous day's range, prices missed to decisively move beyond the prior day's trading range in a lackluster session.
Daily Candlestick Chart (BATUSD as at Nov 10, 2019):
Sunday's trading range has been $0.0144 (5.79%), that's below the last trading month's daily average range of $0.0194. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for BATUSD.
One bearish candlestick pattern matches today's price action, the Bearish Hikkake Pattern.
Unable to break through the key technical resistance level at 0.2579 (R1), the cryptocurrency closed below it after spiking up to 0.2580 earlier during the day. The failure to close above the resistance might increase that levels significance going forward. When prices bounced off a significant resistance level the last time on October 24th, BATUSD actually gained 5.90% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bounced off Technical Resistance R1" stand out. Its common bearish interpretation has been confirmed for BAT/USD. Out of 130 times, BATUSD closed lower 56.92% of the time on the next trading day after the market condition occurred.
With six out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are BCHUSD gaining 3.73% and EOSUSD closing 3.16% higher. On the flipside the worst performer has been XRPUSD closing -0.14% lower. Looking at the other Minor Cryptocurrencies, the winners of the day have been XLMUSD surging 8.52% and VETBTC closing 6.78% higher. The worst performers of the day have been KMDBTC tanking -9.82% and KMDUSD closing -7.06% lower. Read more