BCNUSD misses to close above 100-day moving average
Bytecoin/US Dollar Index (BCNUSD) Technical Analysis Report for Aug 01, 2020 | by Techniquant Editorial Team
BCNUSD ended Saturday at 0.000225 losing $0.000002 (-0.88%). 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 Aug 01, 2020):
Saturday's trading range has been $0.000031 (13.78%), that's far above the last trading month's daily average range of $0.000016. Weekly volatility is also higher, being slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for BCNUSD.
Five candlestick patterns are matching today's price action, the Southern Doji which is known as bullish pattern, three bearish patterns, the Bearish Hikkake Pattern, the Gravestone Doji and the Shooting Star and one neutral pattern, the Doji. The last time a Southern Doji showed up on June 8th, BCNUSD actually lost -5.49% on the following trading day.
Prices are trading close to the key technical support level at 0.000212 (S1). After spiking up to 0.000256 during the day, the cryptocurrency found resistance at the 100-day moving average at 0.000234.
While still in a long-term downtrend, the short and medium-term trends both turned bullish already.
Selling could speed up should prices move below the nearby swing low at 0.000218 where further sell stops might get triggered.
Among the 11 market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bearish Hikkake Pattern" stand out. Its common bearish interpretation has been confirmed for BCN/USD. Out of 53 times, BCNUSD closed lower 64.15% of the time on the next trading day after the market condition occurred.
With seven out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are XRPUSD gaining 12.04% and ETHUSD closing 11.71% higher. None of the markets ended the day in the red. Looking at the other Minor Cryptocurrencies, the winners of the day have been ZECUSD surging 19.59% and DOGEUSD closing 15.6% higher. The worst performers of the day have been STRATBTC tanking -4.08% and ARDRBTC closing -4.0% lower. Read more