DASHBTC finds buyers around 0.00582 for the third day in a row
Dash/Bitcoin Index (DASHBTC) Technical Analysis Report for Oct 18, 2020 | by Techniquant Editorial Team
DASHBTC ended Sunday at 0.00585 losing BTC0.00006 (-1.02%) 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 Oct 18, 2020):
Sunday's trading range has been BTC0.00009 (1.52%), that's far below the last trading month's daily average range of BTC0.00017. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for DASHBTC.
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. 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. The last time a Black Candle showed up on Friday, DASHBTC actually gained 1.20% on the following trading day.
Prices are trading close to the key technical support level at 0.00579 (S1). DASH/BTC found buyers again today around 0.00582 for the third trading day in a row after having found demand at 0.00579 in the previous session and at 0.00580 two days ago.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Selling might speed up should prices move below the close-by swing low at 0.00579 where further sell stops could get triggered. With prices trading close to this year's low at 0.00570, downside momentum might accelerate should the cryptocurrency break out to new lows for the year.
Among the five 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 123 times, DASHBTC closed lower 55.28% 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 62.60% with an average market move of -2.03%.
With six out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are ETHUSD gaining 2.69% and BCHUSD closing 1.76% higher. On the flipside the worst performer has been ETCUSD closing -0.36% lower. Looking at the other Minor Cryptocurrencies, the winners of the day have been BCNUSD surging 13.16% and VETBTC closing 5.15% higher. The worst performers of the day have been WAVESBTC tanking -5.27% and WAVESUSD closing -4.08% lower. Read more