DOGEUSD closes higher for the 3rd day in a row
Doge/US Dollar Index (DOGEUSD) Technical Analysis Report for Oct 18, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, DOGEUSD ended Sunday at 0.002648 gaining $0.000033 (1.26%). Trading up to $0.000082 lower after the open, the cryptocurrency managed to reverse during the session as bulls took control ending the day above its opening price. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Daily Candlestick Chart (DOGEUSD as at Oct 18, 2020):
Sunday's trading range has been $0.000115 (4.4%), that's slightly below the last trading month's daily average range of $0.000138. 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 DOGEUSD.
While DOGE/USD is experiencing a short-term uptrend, this could just be a correction, as both the medium and long-term trends are still bearish.
Buying might speed up should prices move above the close-by swing high at 0.002770 where further buy stops could get triggered. Further selling might move prices lower should the market test September's nearby low at 0.002457.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Up Close near high of period" stand out. Although it is usually interpreted as bullish, it has actually shown to be bearish for DOGE/USD. Out of 460 times, DOGEUSD closed lower 61.09% 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 three trading days, showing a win rate of 63.70% with an average market move of -0.80%.
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