BCNUSD breaks back above 20-day moving average
Bytecoin/US Dollar Index (BCNUSD) Technical Analysis Report for May 23, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, BCNUSD finished Saturday at 0.000276 gaining $0.000027 (10.84%). The bulls were in full control today, moving the market higher throughout the whole session. Ending with a strong close near the high of the day sets a bullish note for the next session.
Daily Candlestick Chart (BCNUSD as at May 23, 2020):
Saturday's trading range has been $0.000001 (0.36%), that's far below the last trading month's daily average range of $0.000024. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for BCNUSD.
Two candlestick patterns are matching today's price action, the Bullish Short Candle and the White Candle which are both known as bullish patterns. The last time a Bullish Short Candle showed up on May 18th, BCNUSD gained 14.95% on the following trading day.
Bytecoin managed to close back above the 20-day moving average at 0.000262 for the first time since May 13th.
BCN shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend still being bullish.
Among the eight market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Up Close near high of period" stand out. While it is usually interpreted as bullish, it has actually shown to be bearish for BCN/USD. Out of 213 times, BCNUSD closed lower 71.36% 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 three trading days, showing a win rate of 64.32% with an average market move of -0.88%.
With five out of the seven Major Cryptocurrencies closing lower today, the ones that stand out on the negative side are EOSUSD losing -1.16% and LTCUSD closing -0.81% lower. On the flipside the best performers have been ETCUSD closing 1.55% higher and BTCUSD gaining 0.23%. Looking at the other Minor Cryptocurrencies, the winners of the day have been XVGUSD surging 5.05% and XVGBTC closing 4.88% higher. The worst performers of the day have been HSRBTC tanking -9.88% and ARDRBTC closing -9.27% lower. Read more