ELFBTC finds buyers again around 0.00000505
Aelf/Bitcoin Index (ELFBTC) Technical Analysis Report for Nov 21, 2020 | by Techniquant Editorial Team
ELFBTC finished Saturday at 0.00000545 gaining BTC0.00000039 (7.71%) on high volume. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Friday's high at 0.00000531, Aelf confirmed its breakout through the prior session high after trading up to BTC0.00000019 above it intraday.
Daily Candlestick Chart (ELFBTC as at Nov 21, 2020):
Saturday's trading range has been BTC0.00000045 (8.89%), that's slightly below the last trading month's daily average range of BTC0.00000076. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for ELFBTC.
Regardless of a weak opening ELF/BTC managed to close above the previous day's open and close, forming a bullish Engulfing Candle. Additionally, one bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on November 10th, ELFBTC actually lost -14.93% on the following trading day.
Prices are trading close to the key technical resistance level at 0.00000576 (R1). After having been unable to move lower than 0.00000502 in the prior session, the market found buyers again around the same price level today at 0.00000505.
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 close-by swing low at 0.00000502 where further sell stops might get triggered.
Among the eight market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Closed above last periods high" stand out. Although it is usually interpreted as bullish, it has actually shown to be bearish for ELF/BTC. Out of 165 times, ELFBTC closed lower 57.58% 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 59.39% with an average market move of -2.27%.