ELFBTC closes higher for the 2nd day in a row
Aelf/Bitcoin Index (ELFBTC) Technical Analysis Report for Nov 22, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, ELFBTC finished Sunday at 0.00000549 gaining BTC0.00000004 (0.73%) on high volume. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range.
Daily Candlestick Chart (ELFBTC as at Nov 22, 2020):
Sunday's trading range has been BTC0.00000056 (10.28%), that's slightly below the last trading month's daily average range of BTC0.00000077. 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.
One bullish candlestick pattern matches today's price action, the Bullish Spinning Top. The last time a Bullish Spinning Top showed up on November 17th, ELFBTC actually lost -6.94% on the following trading day.
Unable to break through the key technical resistance level at 0.00000576 (R1), ELF closed below it after spiking up to 0.00000594 earlier during the day. The failure to close above the resistance could increase that levels significance going forward.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Selling might speed up should prices move below the close-by swing low at 0.00000502 where further sell stops could get activated.
Among the five 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 156 times, ELFBTC closed lower 58.97% 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 61.54% with an average market move of -3.47%.