EOSBTC breaks back below 20-day moving average
EOS/Bitcoin Index (EOSBTC) Technical Analysis Report for May 23, 2020 | by Techniquant Editorial Team
EOSBTC ended Saturday at 0.000279 losing BTC0.000004 (-1.41%) on low volume. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range in a lackluster session.
Daily Candlestick Chart (EOSBTC as at May 23, 2020):
Saturday's trading range has been BTC0.000006 (2.12%), that's below the last trading month's daily average range of BTC0.000011. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for EOSBTC.
During the whole day, prices traded within the previous day's range, unable to trade above the prior day's high or below the previous day's low forming an Inside Bar. After moving higher in the prior session, EOS/BTC closed lower but above the previous day's open today, forming a bearish Harami Candle. Additionally, two candlestick patterns are matching today's price action, the Bearish Short Candle and the Black Candle which are both known as bearish patterns. The last time a Bearish Short Candle showed up on May 13th, EOSBTC lost -1.11% on the following trading day.
The cryptocurrency closed back below the 20-day moving average at 0.000281.
Though EOS is experiencing a short-term uptrend, this might just be a correction, as both the medium and long-term trends are still bearish.
Buying could speed up should prices move above the nearby swing high at 0.000286 where further buy stops might get activated.
Among the nine 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 EOS/BTC. Out of 41 times, EOSBTC closed lower 78.05% 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 63.41% with an average market move of -4.54%.
With five out of the seven Major Cryptocurrencies closing lower today, the ones that stand out on the negative side are EOSUSD losing -1.16% and LTCUSD closing -0.81% lower. On the flipside the best performers have been ETCUSD closing 1.55% higher and BTCUSD gaining 0.23%. Looking at the other Minor Cryptocurrencies, the winners of the day have been BCNUSD surging 10.84% and XVGUSD closing 5.05% higher. The worst performers of the day have been HSRBTC tanking -9.88% and ARDRBTC closing -9.27% lower. Read more