ELFBTC closes lower for the 3rd day in a row
Aelf/Bitcoin Index (ELFBTC) Technical Analysis Report for Aug 11, 2018 | by Techniquant Editorial Team
Moving lower for the 3rd day in a row, ELFBTC finished 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, ELF confirms its breakout through the prior 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 Candlestick Chart (ELFBTC as at Aug 11, 2018):
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.
Breaking below the key support level at 0.00006556 today, it is now likely to act as resistance going forward.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
With prices trading close to this year's low at 0.00005845, downside momentum could accelerate should the cryptocurrency break out to new lows for the year.
With seven out of the seven Major Cryptocurrencies closing lower today, the ones that stand out on the negative side are XRPUSD losing -8.28% and ETCUSD closing -7.72% lower. None of the markets managed to end the day in the green. Looking at the other Minor Cryptocurrencies, the winners of the day have been BTCCNY surging 5.28% and WAVESBTC closing 1.9% higher. The worst performers of the day have been IOTBTC tanking -11.22% and NEOUSD closing -11.06% lower. Read more