ELFBTC closes within prior day's range
Aelf/Bitcoin Index (ELFBTC) Technical Analysis Report for Nov 10, 2018 | by Techniquant Editorial Team
ELFBTC ended Saturday at 0.00004911 losing BTC0.00000029 (-0.59%). Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range.
Daily Candlestick Chart (ELFBTC as at Nov 10, 2018):
Saturday's trading range has been BTC0.00000117 (2.37%), that's slightly below the last trading month's daily average range of BTC0.00000155. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently just the same than usual for ELFBTC.
One bearish candlestick pattern matches today's price action, the Bearish Spinning Top. The last time a Bearish Spinning Top showed up on November 1st, ELFBTC actually gained 0.44% on the following trading day.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Buying might accelerate should prices move above the close-by swing high at 0.00005061 where further buy stops could get triggered. Selling might speed up should prices move below the nearby swing low at 0.00004823 where further sell stops could get activated. With prices trading close to this year's low at 0.00004600, downside momentum might accelerate should the market break out to new lows for the year. Further selling could move prices lower should the market test October's close-by low at 0.00004792.
Among the three market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Close to Swing High" stand out. While it is usually interpreted as neutral, it has actually shown to be bearish for ELF/BTC. Out of 81 times, ELFBTC closed lower 56.79% 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 nine trading days, showing a win rate of 48.15% with an average market move of 0.38%.
With six out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are BCHUSD gaining 1.7% and ETHUSD closing 1.26% higher. On the flipside the worst performer has been ETCUSD closing -0.11% lower. Looking at the other Minor Cryptocurrencies, the winners of the day have been XEMUSD surging 5.34% and DOGEUSD closing 3.88% higher. The worst performers of the day have been ZECUSD tanking -2.84% and ZECBTC closing -2.72% lower. Read more