DASHBTC closes within previous day's range after lackluster session
Dash/Bitcoin Index (DASHBTC) Technical Analysis Report for Jul 03, 2020 | by Techniquant Editorial Team
DASHBTC finished the week -1.21% lower at 0.00733 after flat today. 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 Jul 03, 2020):
Friday's trading range has been BTC0.00010 (1.36%), that's below the last trading month's daily average range of BTC0.00015. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for DASHBTC.
Two candlestick patterns are matching today's price action, the Southern Doji which is known as bullish pattern and one neutral pattern, the Doji. The last time a Doji showed up on June 16th, DASHBTC gained 0.52% on the following trading day.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Among the two market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Doji" stand out. Although it is usually interpreted as neutral, it has actually shown to be bearish for DASH/BTC. Out of 142 times, DASHBTC closed lower 52.82% 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 six trading days, showing a win rate of 56.34% with an average market move of 7.42%.
With five out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are EOSUSD gaining 2.54% and XRPUSD closing 0.86% higher. On the flipside the worst performers have been ETHUSD closing -0.59% lower and BTCUSD losing -0.29%. Looking at the other Minor Cryptocurrencies, the winners of the day have been VETBTC surging 7.62% and ICXBTC closing 6.57% higher. The worst performers of the day have been BTGUSD tanking -8.19% and BTGBTC closing -5.0% lower. Read more