DASHBTC closes within previous day's range after lackluster session
Dash/Bitcoin Index (DASHBTC) Technical Analysis Report for May 23, 2020 | by Techniquant Editorial Team
DASHBTC ended Saturday at 0.00805 losing BTC0.00010 (-1.23%) on low volume. Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range in a lackluster session.
Daily Candlestick Chart (DASHBTC as at May 23, 2020):
Saturday's trading range has been BTC0.00015 (1.84%), that's far below the last trading month's daily average range of BTC0.00037. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently lower than usual for DASHBTC. Prices continued to consolidate within a tight trading range between 0.00802 and 0.00827 where it has been caught now for the last three trading days.
During the whole day, prices traded within the prior day's range, unable to trade above the previous day's high or below the prior day's low forming an Inside Bar. In spite of a strong opening DASH/BTC closed below the previous day's open and close, forming a bearish Engulfing Candle. Additionally, two candlestick patterns are matching today's price action, the Bearish Short Candle and the Black Candle which are both known as bearish patterns.
Prices are trading close to the key technical support level at 0.00792 (S1). The cryptocurrency found buyers again today around 0.00803 for the third trading day in a row after having found demand at 0.00802 in the prior session and at 0.00802 two days ago. The last time this happened on Tuesday, DASHBTC gained 4.18% on the following trading day.
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 accelerate should prices move above the close-by swing high at 0.00827 where further buy stops could get triggered. Selling might speed up should prices move below the nearby swing low at 0.00772 where further sell stops could get activated.
Among the nine market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bearish Short Candle" stand out. Its common bearish interpretation has been confirmed for DASH/BTC. Out of 113 times, DASHBTC closed lower 56.64% 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 10 trading days, showing a win rate of 61.95% with an average market move of -2.06%.
With five out of the seven Major Cryptocurrencies closing lower today, the ones that stand out on the negative side are EOSUSD losing -1.16% and LTCUSD closing -0.81% lower. On the flipside the best performers have been ETCUSD closing 1.55% higher and BTCUSD gaining 0.23%. Looking at the other Minor Cryptocurrencies, the winners of the day have been BCNUSD surging 10.84% and XVGUSD closing 5.05% higher. The worst performers of the day have been HSRBTC tanking -9.88% and ARDRBTC closing -9.27% lower. Read more