EOSBTC breaks back above 20-day moving average
EOS/Bitcoin Index (EOSBTC) Technical Analysis Report for Aug 01, 2020 | by Techniquant Editorial Team
EOSBTC ended Saturday at 0.000280 gaining BTC0.000007 (2.56%) on high volume. Closing above Friday's high at 0.000278, the cryptocurrency confirmed its breakout through the previous session high after trading up to BTC0.000004 above it intraday.
Daily Candlestick Chart (EOSBTC as at Aug 01, 2020):
Saturday's trading range has been BTC0.000011 (4.03%), that's slightly above the last trading month's daily average range of BTC0.000010. Weekly volatility is also higher, being above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for EOSBTC.
One bullish candlestick pattern matches today's price action, the White Candle.
EOS managed to close back above the 20-day moving average at 0.000275 for the first time since July 25th. When this moving average was crossed above the last time on July 25th, EOSBTC actually lost -2.85% on the following trading day. Prices are trading close to the key technical resistance level at 0.000285 (R1). The market was bought again around 0.000271 after having seen lows at 0.000271, 0.000270 and 0.000270 in the last three trading sessions. Obviously there is something going on at that level.
Although still in a long-term downtrend, the short and medium-term trends both turned bullish already.
Buying could accelerate should prices move above the close-by swing high at 0.000285 where further buy stops might get triggered. Further buying could move prices higher should the market test July's nearby high at 0.000290.
Among the 11 market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Low close to prior three Lows" stand out. Though it is usually interpreted as bullish, it has actually shown to be bearish for EOS/BTC. Out of 16 times, EOSBTC closed lower 68.75% 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 six trading days, showing a win rate of 87.50% with an average market move of -2.69%.
With seven out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are XRPUSD gaining 12.04% and ETHUSD closing 11.71% higher. None of the markets ended the day in the red. Looking at the other Minor Cryptocurrencies, the winners of the day have been ZECUSD surging 19.59% and DOGEUSD closing 15.6% higher. The worst performers of the day have been STRATBTC tanking -4.08% and ARDRBTC closing -4.0% lower. Read more