DASHBTC surges, gaining BTC0.00060 (8.24%) within a single day on high volume
Dash/Bitcoin Index (DASHBTC) Technical Analysis Report for Aug 01, 2020 | by Techniquant Editorial Team
DASHBTC finished Saturday at 0.00788 surging BTC0.00060 (8.24%) on high volume. This is the biggest single-day gain in over three months. Today's close at 0.00788 marks the highest recorded closing price since June 10th. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Friday's high at 0.00739, the market confirmed its breakout through the previous session high after trading up to BTC0.00059 above it intraday.
Daily Candlestick Chart (DASHBTC as at Aug 01, 2020):
Saturday's trading range has been BTC0.00073 (10.03%), that's far above the last trading month's daily average range of BTC0.00026. Weekly volatility is also higher, being way above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for DASHBTC.
Regardless of a weak opening Dash managed to close above the prior day's open and close, forming a bullish Engulfing Candle. Additionally, one bullish candlestick pattern matches today's price action, the White Candle.
The cryptocurrency managed to close back above the 50-day moving average at 0.00757 for the first time since July 25th. When this moving average was crossed above the last time on July 25th, DASHBTC actually lost -1.43% on the following trading day. DASH/BTC was bought again around 0.00725 after having seen lows at 0.00719, 0.00725 and 0.00725 in the last three trading sessions. Obviously there is something going on at that level.
Though still in a long-term downtrend, the short and medium-term trends both turned bullish already.
Trading close to June's high at 0.00827 we could see further upside momentum if potential buy stops at the level get activated.
Among the 14 market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bullish Break through SMA 50" stand out. While it is usually interpreted as bullish, it has actually shown to be bearish for DASH/BTC. Out of 81 times, DASHBTC closed lower 56.79% 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 five trading days, showing a win rate of 66.67% with an average market move of -0.16%.
With seven out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are XRPUSD gaining 12.04% and ETHUSD closing 11.71% higher. None of the markets ended the day in the red. Looking at the other Minor Cryptocurrencies, the winners of the day have been ZECUSD surging 19.59% and DOGEUSD closing 15.6% higher. The worst performers of the day have been STRATBTC tanking -4.08% and ARDRBTC closing -4.0% lower. Read more