EOSBTC dominated by bulls lifting the market higher throughout the day
EOS/Bitcoin Index (EOSBTC) Technical Analysis Report for Nov 09, 2019 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, EOSBTC ended Saturday at 0.000396 gaining BTC0.000007 (1.8%) on low volume. Today's close at 0.000396 marks the highest recorded closing price since September 21st. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Friday's high at 0.000392, EOS confirmed its breakout through the prior session high after trading up to BTC0.000005 above it intraday.
Daily Candlestick Chart (EOSBTC as at Nov 09, 2019):
Saturday's trading range has been BTC0.000009 (2.31%), that's below the last trading month's daily average range of BTC0.000016. 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 EOSBTC.
Two candlestick patterns are matching today's price action, the Bullish Short Candle and the White Candle which are both known as bullish patterns. The last time a Bullish Short Candle showed up on October 29th, EOSBTC actually lost -1.66% on the following trading day.
Buyers managed to take out the key technical resistance level at 0.000395 (now S1), which is likely to act as support going forward.
With another close above the upper Bollinger Band, prices are confirming their strong upward momentum in the short-term. A drop back into the Bollinger Band on the next trading day though might signal a potential change in momentum that could lead to a correction back down towards the center of the Bollinger Bands at 0.000365.
Although still in a long-term downtrend, the short and medium-term trends both turned bullish already.
Trading close to September's high at 0.000413 we might see further upside momentum if potential buy stops at the level get triggered.
Among the 10 market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Decisive Up Move" stand out. While it is usually interpreted as bullish, it has actually shown to be bearish for EOS/BTC. Out of 74 times, EOSBTC closed lower 63.51% 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 five trading days, showing a win rate of 66.22% with an average market move of 0.57%.
With five out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are LTCUSD gaining 2.57% and BCHUSD closing 1.29% higher. On the flipside the worst performers have been ETCUSD closing -0.8% lower and BTCUSD losing -0.16%. Looking at the other Minor Cryptocurrencies, the winners of the day have been KMDBTC surging 19.83% and KMDUSD closing 19.72% higher. The worst performers of the day have been SCBTC tanking -4.35% and PIVXBTC closing -4.06% lower. Read more