EOSBTC dominated by bears dragging the market lower throughout the day


EOS/Bitcoin Index (EOSBTC) Technical Analysis Report for Oct 17, 2020 | by Techniquant Editorial Team

Highlights

EOSBTC falls to lowest close since November 16, 2017
EOSBTC dominated by bears dragging the market lower throughout the day
EOSBTC closes lower for the 4th day in a row
EOSBTC closes within previous day's range after lackluster session

Overview

Moving lower for the 4th day in a row, EOSBTC finished Saturday at 0.000222 losing BTC0.000002 (-0.89%). Today's close at 0.000222 marks the lowest recorded closing price since November 16, 2017. The bears were in full control today, moving the market lower throughout the whole session. Closing within the previous day's range, prices missed to decisively move beyond the prior day's trading range in a lackluster session.

Daily Candlestick Chart (EOSBTC as at Oct 17, 2020):

Daily technical analysis candlestick chart for EOS/Bitcoin Index (EOSBTC) as at Oct 17, 2020

Saturday's trading range has been BTC0.000002 (0.89%), that's below the last trading month's daily average range of BTC0.000006. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher 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. Additionally, one bearish candlestick pattern matches today's price action, the Black Candle. The last time a Black Candle showed up on Wednesday, EOSBTC lost -0.88% on the following trading day.

The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.

Selling might accelerate should prices move below the close-by swing low at 0.000221 where further sell stops could get triggered.

Among the six market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Close near low of period" stand out. Its common bearish interpretation has been confirmed for EOS/BTC. Out of 220 times, EOSBTC closed lower 54.55% 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 62.27% with an average market move of -1.29%.

With four out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are ETHUSD gaining 0.81% and BTCUSD closing 0.37% higher. On the flipside the worst performers have been BCHUSD closing -2.05% lower and LTCUSD losing -1.43%. Looking at the other Minor Cryptocurrencies, the winners of the day have been WAVESUSD surging 8.14% and WAVESBTC closing 7.59% higher. The worst performers of the day have been BCNUSD tanking -10.94% and BCHBTC closing -2.26% lower. Read more


Market Conditions for EOSBTC as at Oct 17, 2020

Loading Market Conditions for EOSBTC (EOS/Bitcoin Index)...
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