ELFBTC closes higher for the 2nd day in a row
Aelf/Bitcoin Index (ELFBTC) Technical Analysis Report for Oct 17, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, ELFBTC ended Saturday at 0.00000825 gaining BTC0.00000002 (0.24%). 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 Oct 17, 2020):
Saturday's trading range has been BTC0.00000030 (3.65%), that's below the last trading month's daily average range of BTC0.00000037. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently lower than usual for ELFBTC.
One bullish candlestick pattern matches today's price action, the Bullish Spinning Top.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Selling could speed up should prices move below the nearby swing low at 0.00000795 where further sell stops might get activated.
Among the three market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "2 Consecutive Higher Closes" stand out. Though it is usually interpreted as bullish, it has actually shown to be bearish for ELF/BTC. Out of 103 times, ELFBTC closed lower 54.37% 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 62.14% with an average market move of -2.13%.
With four out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are ETHUSD gaining 0.81% and BTCUSD closing 0.37% higher. On the flipside the worst performers have been BCHUSD closing -2.05% lower and LTCUSD losing -1.43%. Looking at the other Minor Cryptocurrencies, the winners of the day have been WAVESUSD surging 8.14% and WAVESBTC closing 7.59% higher. The worst performers of the day have been BCNUSD tanking -10.94% and BCHBTC closing -2.26% lower. Read more