DASHUSD closes within previous day's range after lackluster session
Dash/US Dollar Index (DASHUSD) Technical Analysis Report for Oct 17, 2020 | by Techniquant Editorial Team
DASHUSD ended Saturday at 67.35 gaining $1.26 (1.91%). Trading up to $0.72 lower after the open, Dash managed to reverse during the session as bulls took control ending the day above its opening price. Closing within the previous day's range, prices missed to decisively move beyond the prior day's trading range in a lackluster session.
Daily Candlestick Chart (DASHUSD as at Oct 17, 2020):
Saturday's trading range has been $2.03 (3.07%), that's below the last trading month's daily average range of $2.81. 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 DASHUSD.
After moving lower in the previous session, DASH/USD managed to close higher but below the prior 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 65.56 in the previous session, the market found buyers again around the same price level today at 65.37. The last time this happened on Tuesday, DASHUSD actually lost -1.63% on the following trading day.
Though the cryptocurrency is experiencing a short-term uptrend, this could just be a correction, as both the medium and long-term trends are still bearish.
Selling might speed up should prices move below the close-by swing low at 64.08 where further sell stops could get activated. As prices are trading close to October's low at 63.98, downside momentum might accelerate should DASHUSD mark new lows for the month.
Among the seven market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "White Candle" stand out. While it is usually interpreted as bullish, it has actually shown to be bearish for DASH/USD. Out of 494 times, DASHUSD closed lower 54.66% of the time on the next trading day after the market condition occurred.
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