ELFBTC declines to lowest close since October 26th
Aelf/Bitcoin Index (ELFBTC) Technical Analysis Report for Nov 10, 2019 | by Techniquant Editorial Team
ELFBTC ended Sunday at 0.00000919 losing BTC0.00000019 (-2.03%). Today's close at 0.00000919 marks the lowest recorded closing price since October 26th. Closing below Saturday's low at 0.00000933, the market confirmed its breakout through the previous session low after trading up to BTC0.00000045 below it intraday.
Daily Candlestick Chart (ELFBTC as at Nov 10, 2019):
Sunday's trading range has been BTC0.00000069 (7.32%), that's slightly below the last trading month's daily average range of BTC0.00000070. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for ELFBTC.
In a volatile session, prices traded above the prior day's high as well as below the previous day's low, forming a bearish Outside Bar. Additionally, one bullish candlestick pattern matches today's price action, the Last Engulfing Bottom Pattern.
After trading down to 0.00000888 earlier during the day, the cryptocurrency bounced off the key technical support level at 0.00000896 (S1). The failure to close below the support could increase that levels importance as support going forward. Unable to break through the key technical resistance level at 0.00000944 (R1), ELF closed below it after spiking up to 0.00000957 earlier during the day. The failure to close above the resistance might increase that levels significance going forward. ELF/BTC ran into sellers again today around 0.00000957 for the third trading day in a row after having found sellers at 0.00000955 in the prior session and at 0.00000956 two days ago. The last time this happened on October 16th, ELFBTC actually gained 4.54% on the following trading day.
Aelf shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend still being bullish.
Further selling could move prices lower should the market test October's close-by low at 0.00000844.
Among the eight market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bounced off Technical Resistance R1" stand out. Its common bearish interpretation has been confirmed for ELF/BTC. Out of 89 times, ELFBTC closed lower 58.43% 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 66.29% with an average market move of -4.90%.
With six out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are BCHUSD gaining 3.73% and EOSUSD closing 3.16% higher. On the flipside the worst performer has been XRPUSD closing -0.14% lower. Looking at the other Minor Cryptocurrencies, the winners of the day have been XLMUSD surging 8.52% and VETBTC closing 6.78% higher. The worst performers of the day have been KMDBTC tanking -9.82% and KMDUSD closing -7.06% lower. Read more