EOSBTC breaks above 20-day moving average for the first time since June 9th
EOS/Bitcoin Index (EOSBTC) Technical Analysis Report for Jul 03, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, EOSBTC ended the week 3.09% higher at 0.000267 after surging BTC0.000008 (3.09%) today on high volume. This is the biggest single-day gain in over four weeks. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Thursday's high at 0.000260, the market confirmed its breakout through the previous session high after trading up to BTC0.000009 above it intraday.
Daily Candlestick Chart (EOSBTC as at Jul 03, 2020):
Friday's trading range has been BTC0.000010 (3.86%), that's far above the last trading month's daily average range of BTC0.000006. Weekly volatility is also higher, being slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for EOSBTC.
Two candlestick patterns are matching today's price action, the Bullish Belt-hold and the White Candle which are both known as bullish patterns. The last time a Bullish Belt-hold showed up on May 30th, EOSBTC actually lost -1.05% on the following trading day.
EOS managed to close above the 20-day moving average at 0.000266 for the first time since June 9th. Unable to break through the key technical resistance level at 0.000268 (R1), EOS/BTC closed below it after spiking up to 0.000269 earlier during the day. The failure to close above the resistance could increase that levels importance going forward.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Buying might accelerate should prices move above the close-by swing high at 0.000274 where further buy stops could get triggered.
Among the 11 market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bullish Belt-hold" stand out. Though it is usually interpreted as bullish, it has actually shown to be bearish for EOS/BTC. Out of 4 times, EOSBTC closed lower 100.00% 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 100.00% with an average market move of -6.49%.
With five out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are EOSUSD gaining 2.54% and XRPUSD closing 0.86% higher. On the flipside the worst performers have been ETHUSD closing -0.59% lower and BTCUSD losing -0.29%. Looking at the other Minor Cryptocurrencies, the winners of the day have been VETBTC surging 7.62% and ICXBTC closing 6.57% higher. The worst performers of the day have been BTGUSD tanking -8.19% and BTGBTC closing -5.0% lower. Read more