BCNUSD breaks back below 20-day moving average
Bytecoin/US Dollar Index (BCNUSD) Technical Analysis Report for Nov 10, 2019 | by Techniquant Editorial Team
BCNUSD ended Sunday at 0.000390 losing $0.000014 (-3.47%). Trading $0.000012 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 Saturday's low at 0.000400, BCN/USD confirmed its breakout through the prior session low after trading up to $0.000010 below it intraday.
Daily Candlestick Chart (BCNUSD as at Nov 10, 2019):
Sunday's trading range has been $0.000026 (6.44%), that's 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.
In a volatile session, prices traded above the previous day's high as well as below the prior day's low, forming a bearish Outside Bar. The last time this happened on October 24th, BCNUSD actually gained 44.48% on the following trading day. Additionally, two candlestick patterns are matching today's price action, the Last Engulfing Bottom Pattern which is known as bullish pattern and one bearish pattern, the Black Candle.
Bytecoin closed back below the 20-day moving average at 0.000394 for the first time since October 31st.
Although the cryptocurrency is experiencing a short-term uptrend, this could just be a correction, as both the medium and long-term trends are still bearish.
Selling might speed up should prices move below the nearby swing low at 0.000390 where further sell stops could get activated. With prices trading close to this year's low at 0.000299, downside momentum might accelerate should the market break out to new lows for the year.
Among the 11 market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bearish Break through SMA 20" stand out. While it is usually interpreted as bearish, it has actually shown to be bullish for BCN/USD. Out of 54 times, BCNUSD closed higher 62.96% 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 50.00% with an average market move of -2.08%.
With six out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are BCHUSD gaining 3.73% and EOSUSD closing 3.16% higher. On the flipside the worst performer has been XRPUSD closing -0.14% lower. Looking at the other Minor Cryptocurrencies, the winners of the day have been XLMUSD surging 8.52% and VETBTC closing 6.78% higher. The worst performers of the day have been KMDBTC tanking -9.82% and KMDUSD closing -7.06% lower. Read more