BCHBTC breaks back below 20-day moving average
Bitcoin Cash/Bitcoin Index (BCHBTC) Technical Analysis Report for Nov 22, 2020 | by Techniquant Editorial Team
BCHBTC ended Sunday at 0.0156 losing BTC0.0006 (-3.7%) 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 (BCHBTC as at Nov 22, 2020):
Sunday's trading range has been BTC0.0014 (8.64%), that's above the last trading month's daily average range of BTC0.0010. Weekly volatility is also higher, being above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for BCHBTC.
BCH/BTC closed back below the 20-day moving average at 0.0159. When this moving average was crossed below the last time on October 19th, BCHBTC lost -5.16% on the following trading day.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Among the two 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 BCH/BTC. Out of 215 times, BCHBTC closed lower 60.93% 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 10 trading days, showing a win rate of 64.19% with an average market move of -0.42%.