BCNUSD finds buyers at key support level
Bytecoin/US Dollar Index (BCNUSD) Technical Analysis Report for Nov 22, 2020 | by Techniquant Editorial Team
BCNUSD finished Sunday at 0.000145 losing $0.000004 (-2.68%). Trading $0.000013 higher after the open, the market was unable to hold its gains as the bears took control ending the day below its opening price. Closing within the previous day's range, prices missed to decisively move beyond the prior day's trading range.
Daily Candlestick Chart (BCNUSD as at Nov 22, 2020):
Sunday's trading range has been $0.000022 (14.77%), 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 higher than usual for BCNUSD.
Three candlestick patterns are matching today's price action, the Bearish Hikkake Pattern, the Bearish Spinning Top and the Shooting Star which are known as bearish patterns.
After trading down to 0.000140 earlier during the day, Bytecoin bounced off the key technical support level at 0.000141 (S1). The failure to close below the support could increase that levels significance as support going forward. Unable to break through the key technical resistance level at 0.000157 (R1), the cryptocurrency closed below it after spiking up to 0.000162 earlier during the day. The failure to close above the resistance might increase that levels importance going forward. When prices bounced off a significant resistance level the last time on Friday, BCNUSD actually gained 12.03% on the following trading day.
Crossing below the upper Bollinger Band, prices have lost at least some of their upward momentum in the short-term and could now be heading back down towards the mean of the Bollinger Bands at 0.000132.
While still in a long-term downtrend, the short and medium-term trends both turned bullish already.
Among the seven 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 54 times, BCNUSD closed lower 64.81% of the time on the next trading day after the market condition occurred.