DASHBTC breaks below Thursday's low


Dash/Bitcoin Index (DASHBTC) Technical Analysis Report for Oct 23, 2020 | by Techniquant Editorial Team

Highlights

DASHBTC falls to lowest close since December 27, 2019
DASHBTC dominated by bears dragging the market lower throughout the day
DASHBTC unable to break through key resistance level
DASHBTC closes lower for the 4th day in a row
DASHBTC breaks below Thursday's low

Overview

Moving lower for the 4th day in a row, DASHBTC finished the week -4.62% lower at 0.00558 after losing BTC0.00020 (-3.46%) today. Today's close at 0.00558 marks the lowest recorded closing price since December 27, 2019. The bears were in full control today, moving the market lower throughout the whole session. Closing below Thursday's low at 0.00573, the market confirmed its breakout through the previous session low after trading up to BTC0.00018 below it intraday.

Daily Candlestick Chart (DASHBTC as at Oct 23, 2020):

Daily technical analysis candlestick chart for Dash/Bitcoin Index (DASHBTC) as at Oct 23, 2020

Friday's trading range has been BTC0.00025 (4.33%), that's slightly above the last trading month's daily average range of BTC0.00025. 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.

One bearish candlestick pattern matches today's price action, the Black Candle.

Unable to break through the key technical resistance level at 0.00579 (R1), the cryptocurrency closed below it after spiking up to 0.00580 earlier during the day. The failure to close above the resistance could increase that levels importance going forward. When prices bounced off a significant resistance level the last time on Tuesday, DASHBTC lost -1.68% on the following trading day.

Crossing below the lower Bollinger Band for the first time since October 16th, prices have shown unusually strong downward momentum in the short-term. This might either indicate a potential selling climax after which prices could head back up towards the mean of the Bollinger Bands at 0.00605 or signal the beginning of a strong momentum breakout leading to even lower prices.

The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.

2019's low at 0.00532 is within reach and we might see further downside momentum should DASH/BTC break out beyond.

Among the 10 market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "4 Consecutive Lower Closes" stand out. Its common bearish interpretation has been confirmed for DASH/BTC. Out of 86 times, DASHBTC closed lower 55.81% 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 69.77% with an average market move of -2.83%.


Market Conditions for DASHBTC as at Oct 23, 2020

Loading Market Conditions for DASHBTC (Dash/Bitcoin Index)...
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