BATUSD closes below its opening price unable to hold early session gains
Basic Attention Token/US Dollar Index (BATUSD) Technical Analysis Report for Oct 18, 2020 | by Techniquant Editorial Team
BATUSD finished Sunday at 0.2143 edging lower $0.0003 (-0.14%). Trading $0.0046 higher after the open, BAT was unable to hold its gains as the bears took control ending the day below its opening price. The last time this happened on Thursday, BATUSD lost -2.91% on the following trading day. 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 Oct 18, 2020):
Sunday's trading range has been $0.0051 (2.38%), that's below the last trading month's daily average range of $0.0088. 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.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Buying might accelerate should prices move above the nearby swing high at 0.2248 where further buy stops could get triggered. Selling might speed up should prices move below the close-by swing low at 0.2060 where further sell stops could get activated.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Down Close Near Low of Period" stand out. Although it is usually interpreted as bearish, it has actually shown to be bullish for BAT/USD. Out of 207 times, BATUSD closed higher 60.39% 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 56.04% with an average market move of 110.02%.
With six out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are ETHUSD gaining 2.69% and BCHUSD closing 1.76% higher. On the flipside the worst performer has been ETCUSD closing -0.36% lower. Looking at the other Minor Cryptocurrencies, the winners of the day have been BCNUSD surging 13.16% and VETBTC closing 5.15% higher. The worst performers of the day have been WAVESBTC tanking -5.27% and WAVESUSD closing -4.08% lower. Read more