BATUSD runs into sellers again around 0.2083
Basic Attention Token/US Dollar Index (BATUSD) Technical Analysis Report for May 23, 2020 | by Techniquant Editorial Team
BATUSD ended Saturday at 0.2032 losing $0.0027 (-1.31%). Trading $0.0024 higher after the open, the cryptocurrency 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 (BATUSD as at May 23, 2020):
Saturday's trading range has been $0.0064 (3.11%), that's below the last trading month's daily average range of $0.0173. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for BATUSD.
After moving higher in the prior session, the market closed lower but above the previous day's open today, forming a bearish Harami Candle.
Prices are trading close to the key technical support level at 0.1992 (S1). After having been unable to move above 0.2081 in the prior session, BAT ran into sellers again around the same price level today, missing to move higher than 0.2083. The last time this happened on Wednesday, BATUSD lost -4.17% on the following trading day.
BAT/USD shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend still being bullish.
Buying could accelerate should prices move above the nearby swing high at 0.2122 where further buy stops might get triggered.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bearish Harami Candle" stand out. Though it is usually interpreted as bearish, it has actually shown to be bullish for BAT/USD. Out of 24 times, BATUSD closed higher 58.33% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 50.00% with an average market move of 10.03%.
With five out of the seven Major Cryptocurrencies closing lower today, the ones that stand out on the negative side are EOSUSD losing -1.16% and LTCUSD closing -0.81% lower. On the flipside the best performers have been ETCUSD closing 1.55% higher and BTCUSD gaining 0.23%. Looking at the other Minor Cryptocurrencies, the winners of the day have been BCNUSD surging 10.84% and XVGUSD closing 5.05% higher. The worst performers of the day have been HSRBTC tanking -9.88% and ARDRBTC closing -9.27% lower. Read more