DASHUSD runs into sellers again around 67.46
Dash/US Dollar Index (DASHUSD) Technical Analysis Report for Oct 18, 2020 | by Techniquant Editorial Team
DASHUSD finished Sunday at 67.26 edging lower $0.09 (-0.13%). Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range in a lackluster session.
Daily Candlestick Chart (DASHUSD as at Oct 18, 2020):
Sunday's trading range has been $0.88 (1.31%), that's far below the last trading month's daily average range of $2.71. 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.
Two candlestick patterns are matching today's price action, the Takuri Line which is known as bullish pattern and one bearish pattern, the Bearish Spinning Top.
After having been unable to move above 67.40 in the prior session, DASH/USD ran into sellers again around the same price level today, missing to move higher than 67.46. The last time this happened on October 5th, DASHUSD lost -2.74% 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 65.37 where further sell stops could get activated. As prices are trading close to October's low at 63.98, downside momentum might accelerate should Dash mark new lows for the month.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Takuri Line" stand out. While it is usually interpreted as bullish, it has actually shown to be bearish for DASH/USD. Out of 45 times, DASHUSD closed lower 53.33% 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 53.33% with an average market move of -1.64%.
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