BCNUSD closes within prior day's range
Bytecoin/US Dollar Index (BCNUSD) Technical Analysis Report for Oct 13, 2018 | by Techniquant Editorial Team
Moving lower for the 5th day in a row, BCNUSD finished Saturday at 0.001316 losing $0.000061 (-4.43%). Today's close at 0.001316 marks the lowest recorded closing price since November 21, 2017. Trading $0.000125 higher after the open, BCN 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 failed to decisively move beyond the previous day's trading range.
Daily Candlestick Chart (BCNUSD as at Oct 13, 2018):
Saturday's trading range has been $0.000187 (13.57%), that's slightly below the last trading month's daily average range of $0.000193. Things look different on the weekly timeframe, where the market's trading range of the last week has been way above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for BCNUSD.
Prices are trading close to the key technical support level at 0.001314 (S1). After having been unable to move lower than 0.001314 in the prior session, the cryptocurrency found buyers again around the same price level today at 0.001316. The last time this happened on October 8th, BCNUSD actually lost -21.38% on the following trading day.
With another close below the lower Bollinger Band, prices are confirming their strong downward momentum in the short-term. A rally back into the Bollinger Band on the next trading day though might signal a potential change in momentum that could lead to a correction back up towards the center of the Bollinger Bands at 0.002052.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Selling might speed up should prices move below the close-by swing low at 0.001314 where further sell stops could get activated.
Among the nine 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. Its common bearish interpretation has been confirmed for BCN/USD. Out of 97 times, BCNUSD closed lower 51.55% 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 68.04% with an average market move of -2.60%.
With five out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are ETHUSD gaining 1.6% and EOSUSD closing 1.54% higher. On the flipside the worst performer has been XRPUSD closing -0.38% lower. Looking at the other Minor Cryptocurrencies, the winners of the day have been STEEMBTC surging 5.26% and SCBTC closing 4.08% higher. The worst performers of the day have been BTGBTC tanking -2.26% and DOGEUSD closing -2.01% lower. Read more