DASHBTC finds buyers at key support level
Dash/Bitcoin Index (DASHBTC) Technical Analysis Report for Nov 10, 2019 | by Techniquant Editorial Team
DASHBTC ended Sunday at 0.00789 losing BTC0.00001 (-0.13%) on high volume. Closing within the previous day's range, prices missed to decisively move beyond the prior day's trading range.
Daily Candlestick Chart (DASHBTC as at Nov 10, 2019):
Sunday's trading range has been BTC0.00032 (4.05%), that's slightly above the last trading month's daily average range of BTC0.00030. Things look different on the weekly timeframe, where the market's trading range of the last week has been below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for DASHBTC.
Regardless of a strong opening the cryptocurrency closed below the previous day's open and close, forming a bearish Engulfing Candle. Additionally, three candlestick patterns are matching today's price action, the Hanging Man and the Northern Doji which are both known as bearish patterns and one neutral pattern, the Doji. The last time a Hanging Man showed up on July 27th, DASHBTC lost -2.65% on the following trading day.
After trading down to 0.00766 earlier during the day, Dash bounced off the key technical support level at 0.00777 (S1). The failure to close below the support might increase that levels significance as support going forward.
Though the market 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 speed up should prices move above the nearby swing high at 0.00810 where further buy stops could get activated.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Hanging Man" stand out. Its common bearish interpretation has been confirmed for DASH/BTC. Out of 33 times, DASHBTC closed lower 63.64% 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 66.67% with an average market move of -0.45%.
With six out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are BCHUSD gaining 3.73% and EOSUSD closing 3.16% higher. On the flipside the worst performer has been XRPUSD closing -0.14% lower. Looking at the other Minor Cryptocurrencies, the winners of the day have been XLMUSD surging 8.52% and VETBTC closing 6.78% higher. The worst performers of the day have been KMDBTC tanking -9.82% and KMDUSD closing -7.06% lower. Read more