DASHBTC closes above its opening price after recovering from early selling pressure
Dash/Bitcoin Index (DASHBTC) Technical Analysis Report for Oct 17, 2020 | by Techniquant Editorial Team
DASHBTC finished Saturday at 0.00591 gaining BTC0.00007 (1.2%). Trading up to BTC0.00005 lower after the open, DASH/BTC managed to reverse during the session as bulls took control ending the day above its opening price. Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range.
Daily Candlestick Chart (DASHBTC as at Oct 17, 2020):
Saturday's trading range has been BTC0.00014 (2.4%), that's slightly below the last trading month's daily average range of BTC0.00018. Things look different on the weekly timeframe, where the market's trading range of the last week has been above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for DASHBTC.
After moving lower in the prior session, the cryptocurrency managed to close higher but below the previous day's open, forming a bullish Harami Candle. Additionally, one bullish candlestick pattern matches today's price action, the White Candle.
After having been unable to move lower than 0.00580 in the prior session, the market found buyers again around the same price level today at 0.00579. The last time this happened on Tuesday, DASHBTC actually lost -1.76% on the following trading day.
Crossing above the lower Bollinger Band, prices have lost at least some of their downward momentum in the short-term and could now be heading back up towards the mean of the Bollinger Bands at 0.00617.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
With prices trading close to this year's low at 0.00570, downside momentum might speed up should Dash break out to new lows for the year.
Among the seven market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Close near high of period" stand out. Though it is usually interpreted as bullish, it has actually shown to be bearish for DASH/BTC. Out of 372 times, DASHBTC closed lower 60.48% 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 two trading days, showing a win rate of 63.71% with an average market move of 0.01%.
With four out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are ETHUSD gaining 0.81% and BTCUSD closing 0.37% higher. On the flipside the worst performers have been BCHUSD closing -2.05% lower and LTCUSD losing -1.43%. Looking at the other Minor Cryptocurrencies, the winners of the day have been WAVESUSD surging 8.14% and WAVESBTC closing 7.59% higher. The worst performers of the day have been BCNUSD tanking -10.94% and BCHBTC closing -2.26% lower. Read more