ELFBTC closes lower for the 3rd day in a row
Aelf/Bitcoin Index (ELFBTC) Technical Analysis Report for Aug 01, 2020 | by Techniquant Editorial Team
Moving lower for the 3rd day in a row, ELFBTC finished Saturday at 0.00000886 losing BTC0.00000024 (-2.64%). Today's close at 0.00000886 marks the lowest recorded closing price since May 21st. Closing below Friday's low at 0.00000888, Aelf confirmed its breakout through the previous session low after trading up to BTC0.00000013 below it intraday.
Daily Candlestick Chart (ELFBTC as at Aug 01, 2020):
Saturday's trading range has been BTC0.00000047 (5.16%), that's below the last trading month's daily average range of BTC0.00000087. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently higher than usual for ELFBTC.
Two candlestick patterns are matching today's price action, the Bearish Short Candle and the Black Candle which are both known as bearish patterns.
Prices broke below the key technical support level at 0.00000899 (now R1), which is likely to act as resistance going forward. The last time this happened on July 27th, ELFBTC actually gained 5.52% on the following trading day.
Though still in a long-term uptrend, the short and medium-term trends both turned bearish already.
Selling could accelerate should prices move below the close-by swing low at 0.00000857 where further sell stops might get activated.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bearish Short Candle" stand out. Its common bearish interpretation has been confirmed for ELF/BTC. Out of 45 times, ELFBTC closed lower 55.56% 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 66.67% with an average market move of -6.19%.
With seven out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are XRPUSD gaining 12.04% and ETHUSD closing 11.71% higher. None of the markets ended the day in the red. Looking at the other Minor Cryptocurrencies, the winners of the day have been ZECUSD surging 19.59% and DOGEUSD closing 15.6% higher. The worst performers of the day have been STRATBTC tanking -4.08% and ARDRBTC closing -4.0% lower. Read more