ELFBTC ends the day on a bearish note closing near the low of the day


Aelf/BTC Index (ELFBTC) Technical Analysis Report for Aug 11, 2018 [1 min read]
Highlights
ELFBTC crashes, loses BTC0.00000992 (-13.38%) within a single day
ELFBTC breaks key support level
ELFBTC dominated by bears dragging the market lower throughout the day
ELFBTC closes lower for the 3rd day in a row
ELFBTC ends the day on a bearish note closing near the low of the day
TQ Sentiment
Report Sentiment: 71% Bearish
Technical Forecast:
Overview

Moving lower for the 3rd day in a row, ELFBTC ended Saturday at 0.00006422 tanking BTC0.00000992 (-13.38%). This is the biggest single day loss in over three weeks. Today's closing price of 0.00006422 marks the lowest close since Inception. The bears were in full control today, moving the market lower throughout the whole session. Closing below Friday's low at 0.00007336, the market confirms its breakout through the previous session's low having traded BTC0.00001014 below it intraday. Ending with a weak close near the low of the day sets a bearish note for the next session.

Daily chart for ELFBTC
Volatility

Saturday's trading range was BTC0.00001085 (14.65%), that's far above last trading month's daily average range of BTC0.00000668. Weekly volatility is also higher, being slightly above the markets average with the monthly volatility being exactly the same as average.

Support/Resistance

Breaking below the key support level at 0.00006556 today, it is now likely to act as resistance going forward.

Trend

The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.

Order Flow

With prices trading close to this year's low at 0.00005845, downside momentum could accelerate should Aelf break out to new lows for the year.

Conclusion

Both sentiments, the classical technical analysis and our quantitative statistics are in perfect alignment today showing a bearish sentiment for the next trading day.

Market Conditions for Aelf/BTC Index
Condition Forecast Direction Win Avg Worst Best Events
Bullish Engulfing Candle TQ Pro Members Only
White Candle TQ Pro Members Only
Low close to previous low TQ Pro Members Only
Bearish Hikkake Pattern TQ Pro Members Only
Close to Swing Low TQ Pro Members Only
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