BCNUSD closes within previous day's range after lackluster session
Bytecoin/US Dollar Index (BCNUSD) Technical Analysis Report for Nov 09, 2019 | by Techniquant Editorial Team
BCNUSD finished Saturday at 0.000404 gaining $0.000003 (0.75%). 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 (BCNUSD as at Nov 09, 2019):
Saturday's trading range has been $0.000010 (2.49%), that's far below the last trading month's daily average range of $0.000054. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for BCNUSD.
During the whole day, prices traded within the prior day's range, unable to trade above the previous day's high or below the prior day's low forming an Inside Bar. After moving lower in the previous session, the cryptocurrency managed to close higher but below the prior day's open, forming a bullish Harami Candle. The last time this candlestick pattern showed up on October 21st, BCNUSD actually lost -15.04% on the following trading day.
Prices are trading close to the key technical resistance level at 0.000411 (R1).
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Buying could speed up should prices move above the nearby swing high at 0.000442 where further buy stops might get triggered. Selling could accelerate should prices move below the close-by swing low at 0.000390 where further sell stops might get activated.
Among the three market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bullish Harami Candle" stand out. Although it is usually interpreted as bullish, it has actually shown to be bearish for BCN/USD. Out of 23 times, BCNUSD closed lower 82.61% 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 69.57% with an average market move of -6.80%.
With five out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are LTCUSD gaining 2.57% and BCHUSD closing 1.29% higher. On the flipside the worst performers have been ETCUSD closing -0.8% lower and BTCUSD losing -0.16%. Looking at the other Minor Cryptocurrencies, the winners of the day have been KMDBTC surging 19.83% and KMDUSD closing 19.72% higher. The worst performers of the day have been SCBTC tanking -4.35% and PIVXBTC closing -4.06% lower. Read more