ELFBTC closes higher for the 2nd day in a row
Aelf/Bitcoin Index (ELFBTC) Technical Analysis Report for Nov 09, 2019 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, ELFBTC ended Saturday at 0.00000938 gaining BTC0.00000002 (0.21%) on low volume. Trading BTC0.00000016 higher after the open, ELF/BTC was unable to hold its gains as the bears took control ending the day below its opening price. Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range in a lackluster session.
Daily Candlestick Chart (ELFBTC as at Nov 09, 2019):
Saturday's trading range has been BTC0.00000022 (2.34%), that's far below the last trading month's daily average range of BTC0.00000070. Weekly volatility is also lower, being way below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for ELFBTC. Prices continued to consolidate within a tight trading range between 0.00000897 and 0.00000972 where it has been caught now for the whole last trading week.
During the whole day, prices traded within the prior day's range, unable to trade above the previous day's high or below the prior day's low forming an Inside Bar. Additionally, two candlestick patterns are matching today's price action, the Southern Doji which is known as bullish pattern and one neutral pattern, the Doji.
Unable to break through the key technical resistance level at 0.00000944 (R1), the cryptocurrency closed below it after spiking up to 0.00000955 earlier during the day. The failure to close above the resistance might increase that levels significance going forward. After having been unable to move above 0.00000956 in the previous session, the market ran into sellers again around the same price level today, failing to move higher than 0.00000955. The last time this happened on Wednesday, ELFBTC lost -1.59% on the following trading day.
ELF shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend still being bullish.
Buying could accelerate should prices move above the nearby swing high at 0.00000956 where further buy stops might get triggered. Selling could speed up should prices move below the close-by swing low at 0.00000897 where further sell stops might get activated. Further selling could move prices lower should the market test October's nearby low at 0.00000844.
Among the eight market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Southern Doji" stand out. Though it is usually interpreted as bullish, it has actually shown to be bearish for ELF/BTC. Out of 22 times, ELFBTC closed lower 77.27% 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 10 trading days, showing a win rate of 54.55% with an average market move of -2.41%.
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