BCNUSD dominated by bulls lifting the market higher throughout the day
Bytecoin/US Dollar Index (BCNUSD) Technical Analysis Report for Oct 17, 2020 | by Techniquant Editorial Team
Moving lower for the 5th day in a row, BCNUSD finished Saturday at 0.000114 losing $0.000014 (-10.94%). The bulls were in full control today, moving the market higher throughout the whole session.
Daily Candlestick Chart (BCNUSD as at Oct 17, 2020):
Saturday's trading range has been $0.000001 (0.88%), that's below the last trading month's daily average range of $0.000015. Weekly volatility is also lower, being way below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for BCNUSD.
One bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on October 11th, BCNUSD lost 0.00% on the following trading day.
Prices are trading close to the key technical support level at 0.000109 (S1).
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 0.000107 where further sell stops could get activated. With prices trading close to this year's low at 0.000099, downside momentum might accelerate should BCN break out to new lows for the year.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Decisive Up Move" stand out. While it is usually interpreted as bullish, it has actually shown to be bearish for BCN/USD. Out of 137 times, BCNUSD closed lower 69.34% 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 66.42% with an average market move of -0.75%.
With four out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are ETHUSD gaining 0.81% and BTCUSD closing 0.37% higher. On the flipside the worst performers have been BCHUSD closing -2.05% lower and LTCUSD losing -1.43%. Looking at the other Minor Cryptocurrencies, the winners of the day have been WAVESUSD surging 8.14% and WAVESBTC closing 7.59% higher. The worst performers of the day have been BCHBTC tanking -2.26% and LTCCNY closing -2.16% lower. Read more