BCNUSD ends the day indecisive
Bytecoin/US Dollar Index (BCNUSD) Technical Analysis Report for Oct 18, 2020 | by Techniquant Editorial Team
BCNUSD ended Sunday at 0.000129 gaining $0.000015 (13.16%). Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Daily Candlestick Chart (BCNUSD as at Oct 18, 2020):
Sunday's trading range has been $0.000003 (2.33%), that's slightly 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.
Two candlestick patterns are matching today's price action, the Northern Doji which is known as bearish pattern and one neutral pattern, the Doji. The last time a Doji showed up on October 12th, BCNUSD lost -0.74% on the following trading day.
Prices are trading close to the key technical resistance level at 0.000136 (R1).
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.
Buying might accelerate should prices move above the nearby swing high at 0.000139 where further buy stops could get triggered. Selling might speed up should prices move below the close-by swing low at 0.000113 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/USD break out to new lows for the year. As prices are trading close to October's low at 0.000107, downside momentum could speed up should the market mark new lows for the month.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Close to Swing High" stand out. Though it is usually interpreted as neutral, it has actually shown to be bearish for BCN/USD. Out of 478 times, BCNUSD closed lower 53.77% 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 59.21% with an average market move of -1.39%.
With six out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are ETHUSD gaining 2.69% and BCHUSD closing 1.76% higher. On the flipside the worst performer has been ETCUSD closing -0.36% lower. Looking at the other Minor Cryptocurrencies, the winners of the day have been VETBTC surging 5.15% and XMRUSD closing 3.82% higher. The worst performers of the day have been WAVESBTC tanking -5.27% and WAVESUSD closing -4.08% lower. Read more