DASHBTC fails to close above 20-day moving average
Dash/Bitcoin Index (DASHBTC) Technical Analysis Report for Nov 09, 2019 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, DASHBTC ended Saturday at 0.00790 gaining BTC0.00001 (0.13%) on high volume. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range.
Daily Candlestick Chart (DASHBTC as at Nov 09, 2019):
Saturday's trading range has been BTC0.00024 (3.04%), that's slightly below the last trading month's daily average range of BTC0.00029. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for DASHBTC.
Four candlestick patterns are matching today's price action, the Gravestone Doji, the Northern Doji and the Shooting Star which are known as bearish patterns and one neutral pattern, the Doji.
Prices are trading close to the key technical support level at 0.00777 (S1). After spiking up to 0.00810 during the day, Dash found resistance at the 20-day moving average at 0.00792. The last time this happened on November 4th, DASHBTC actually gained 3.50% on the following trading day.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Selling could accelerate should prices move below the nearby swing low at 0.00777 where further sell stops might get triggered.
Among the eight market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Shooting Star" stand out. Its common bearish interpretation has been confirmed for DASH/BTC. Out of 44 times, DASHBTC closed lower 56.82% 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 56.82% with an average market move of -1.22%.
With five out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are LTCUSD gaining 2.57% and BCHUSD closing 1.29% higher. On the flipside the worst performers have been ETCUSD closing -0.8% lower and BTCUSD losing -0.16%. Looking at the other Minor Cryptocurrencies, the winners of the day have been KMDBTC surging 19.83% and KMDUSD closing 19.72% higher. The worst performers of the day have been SCBTC tanking -4.35% and PIVXBTC closing -4.06% lower. Read more