ELFBTC dominated by bears dragging the market lower throughout the day
Aelf/Bitcoin Index (ELFBTC) Technical Analysis Report for Oct 18, 2020 | by Techniquant Editorial Team
ELFBTC finished Sunday at 0.00000813 losing BTC0.00000012 (-1.45%) on low volume. Today's close at 0.00000813 marks the lowest recorded closing price since May 20th. The bears were in full control today, moving the market lower throughout the whole session. Closing below Saturday's low at 0.00000817, the market confirmed its breakout through the previous session low after trading up to BTC0.00000006 below it intraday.
Daily Candlestick Chart (ELFBTC as at Oct 18, 2020):
Sunday's trading range has been BTC0.00000015 (1.82%), that's far below the last trading month's daily average range of BTC0.00000035. 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.
Three candlestick patterns are matching today's price action, the Last Engulfing Bottom Pattern which is known as bullish pattern and two bearish patterns, the Bearish Short Candle and the Black Candle. The last time a Last Engulfing Bottom Pattern showed up on September 23rd, ELFBTC gained 3.25% on the following trading day.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Buying could speed up should prices move above the close-by swing high at 0.00000847 where further buy stops might get triggered. Selling could accelerate should prices move below the nearby swing low at 0.00000795 where further sell stops might get activated.
Among the 10 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 47 times, ELFBTC closed lower 55.32% 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 63.83% with an average market move of -5.93%.
With six out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are ETHUSD gaining 2.69% and BCHUSD closing 1.76% higher. On the flipside the worst performer has been ETCUSD closing -0.36% lower. Looking at the other Minor Cryptocurrencies, the winners of the day have been BCNUSD surging 13.16% and VETBTC closing 5.15% higher. The worst performers of the day have been WAVESBTC tanking -5.27% and WAVESUSD closing -4.08% lower. Read more