BCNUSD finds buyers again around 0.001766


Bytecoin/USD Index (BCNUSD) Technical Analysis Report for Aug 11, 2018 [< 1 min read]
Highlights
BCNUSD closes below its opening price unable to hold early session gains
BCNUSD closes lower for the 2nd day in a row
BCNUSD ends the day on a bearish note closing near the low of the day
BCNUSD finds buyers again around 0.001766
BCNUSD breaks below previous session low
TQ Sentiment
Report Sentiment: 50% Bearish
Technical Forecast:
Overview

Moving lower for the 2nd day in a row, BCNUSD ended Saturday at 0.001766 losing $0.000078 (-4.23%) on low volume. Today's closing price of 0.001766 marks the lowest close since December 1, 2017. Trading $0.000061 higher after the open, BCN was unable to hold its gains as the bears took control ending the day below its opening price. Closing below Friday's low at 0.001783, the market confirms its breakout through the prior session's low having traded $0.000017 below it intraday. Ending with a weak close near the low of the day sets a bearish note for the next session.

Daily chart for BCNUSD
Volatility

Saturday's trading range was $0.000122 (6.68%), that's slightly below last trading month's daily average range of $0.000145. Things look different on a weekly scale, where volatility is slightly above the markets average with the monthly volatility being slightly above average.

Support/Resistance

After having been unable to move lower than 0.001783 in the previous session, the cryptocurrency found buyers again around the same price level today at 0.001766.

Trend

The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bearish.

Market Conditions for Bytecoin/USD Index
Condition Forecast Direction Win Avg Worst Best Events
Strong Up Move TQ Pro Members Only
Decisive Up Move TQ Pro Members Only
White Candle TQ Pro Members Only
Close to S1 Support TQ Pro Members Only
Price broke through Technical Resistance R1 TQ Pro Members Only
More market conditions identified for TQ Pro members...
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