BATUSD pushes through key technical resistance level
Basic Attention Token/US Dollar Index (BATUSD) Technical Analysis Report for Oct 17, 2020 | by Techniquant Editorial Team
BATUSD ended Saturday at 0.2146 surging $0.0076 (3.67%). This is the biggest single-day gain in over three weeks. The last time we've seen such an unusually strong single-day gain on August 20th, BATUSD gained 4.25% on the following trading day. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Friday's high at 0.2132, BAT confirmed its breakout through the prior session high after trading up to $0.0029 above it intraday.
Daily Candlestick Chart (BATUSD as at Oct 17, 2020):
Saturday's trading range has been $0.0091 (4.4%), that's slightly below the last trading month's daily average range of $0.0091. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for BATUSD.
In spite of a weak opening the cryptocurrency managed to close above the previous day's open and close, forming a bullish Engulfing Candle. Additionally, one bullish candlestick pattern matches today's price action, the White Candle.
Buyers managed to take out the key technical resistance level at 0.2144 (now S1), which is likely to act as support going forward. After having been unable to move lower than 0.2060 in the prior session, the market found buyers again around the same price level today at 0.2070.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Buying might speed up should prices move above the nearby swing high at 0.2248 where further buy stops could get activated. Selling might accelerate should prices move below the close-by swing low at 0.2060 where further sell stops could get triggered.
Among the 11 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/USD. Out of 143 times, BATUSD closed lower 62.94% 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 seven trading days, showing a win rate of 55.24% with an average market move of -0.28%.
With four out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are ETHUSD gaining 0.81% and BTCUSD closing 0.37% higher. On the flipside the worst performers have been BCHUSD closing -2.05% lower and LTCUSD losing -1.43%. Looking at the other Minor Cryptocurrencies, the winners of the day have been WAVESUSD surging 8.14% and WAVESBTC closing 7.59% higher. The worst performers of the day have been BCNUSD tanking -10.94% and BCHBTC closing -2.26% lower. Read more