DASHUSD closes within previous day's range after lackluster session
Dash/US Dollar Index (DASHUSD) Technical Analysis Report for Nov 09, 2019 | by Techniquant Editorial Team
DASHUSD ended Saturday at 69.90 gaining $0.27 (0.39%). Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range in a lackluster session.
Daily Candlestick Chart (DASHUSD as at Nov 09, 2019):
Saturday's trading range has been $1.40 (2.01%), that's far below the last trading month's daily average range of $4.55. 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 DASHUSD.
During the whole day, prices traded within the previous day's range, unable to trade above the prior day's high or below the previous day's low forming an Inside Bar. Additionally, one bullish candlestick pattern matches today's price action, the Bullish Spinning Top. The last time a Bullish Spinning Top showed up on October 24th, DASHUSD gained 8.98% on the following trading day.
Prices are trading close to the key technical resistance level at 70.78 (R1).
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 67.73 where further sell stops could get activated. With prices trading close to this year's low at 61.55, downside momentum might accelerate should Dash break out to new lows for the year.
Among the two market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bullish Spinning Top" stand out. Its common bullish interpretation has been confirmed for DASH/USD. Out of 146 times, DASHUSD closed higher 56.85% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 52.74% with an average market move of 3.79%.
With five out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are LTCUSD gaining 2.57% and BCHUSD closing 1.29% higher. On the flipside the worst performers have been ETCUSD closing -0.8% lower and BTCUSD losing -0.16%. Looking at the other Minor Cryptocurrencies, the winners of the day have been KMDBTC surging 19.83% and KMDUSD closing 19.72% higher. The worst performers of the day have been SCBTC tanking -4.35% and PIVXBTC closing -4.06% lower. Read more