DOGEUSD runs into sellers around 0.002731 for the third day in a row
Doge/US Dollar Index (DOGEUSD) Technical Analysis Report for Nov 09, 2019 | by Techniquant Editorial Team
DOGEUSD finished Saturday at 0.002643 edging higher $0.000011 (0.42%). Trading up to $0.000077 lower after the open, DOGE/USD managed to reverse during the session as bulls took control ending the day above its opening price. The last time this happened on Thursday, DOGEUSD actually lost -4.74% on the following trading day. Closing within the previous day's range, prices missed to decisively move beyond the prior day's trading range.
Daily Candlestick Chart (DOGEUSD as at Nov 09, 2019):
Saturday's trading range has been $0.000176 (6.69%), that's slightly below the last trading month's daily average range of $0.000206. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for DOGEUSD. Prices continued to consolidate within a tight trading range between 0.002456 and 0.002763 where it has been caught now for the whole last trading week.
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, two candlestick patterns are matching today's price action, the Bullish High-Wave Candle and the Bullish Spinning Top which are both known as bullish patterns.
Prices are trading close to the key technical support level at 0.002497 (S1). Unable to break through the key technical resistance level at 0.002667 (R1), Doge closed below it after spiking up to 0.002731 earlier during the day. The failure to close above the resistance could increase that levels importance going forward. The cryptocurrency ran into sellers again today around 0.002731 for the third trading day in a row after having found sellers at 0.002763 in the prior session and at 0.002763 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 0.002456 where further sell stops could get activated.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bullish High-Wave Candle" stand out. Though it is usually interpreted as bullish, it has actually shown to be bearish for DOGE/USD. Out of 20 times, DOGEUSD closed lower 65.00% 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 four trading days, showing a win rate of 50.00% with an average market move of -1.24%.
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