EOSBTC slips to lowest close since November 16, 2017


EOS/Bitcoin Index (EOSBTC) Technical Analysis Report for Oct 18, 2020 | by Techniquant Editorial Team

Highlights

EOSBTC falls to lowest close since November 16, 2017
EOSBTC closes below its opening price unable to hold early session gains
EOSBTC closes lower for the 5th day in a row
EOSBTC ends the day on a bearish note closing near the low of the day

Overview

Moving lower for the 5th day in a row, EOSBTC ended Sunday at 0.000221 losing BTC0.000001 (-0.45%). Today's close at 0.000221 marks the lowest recorded closing price since November 16, 2017. Trading BTC0.000001 higher after the open, EOS/BTC was unable to hold its gains as the bears took control ending the day below its opening price. The last time this happened on Thursday, EOSBTC lost -0.88% on the following trading day. Ending with a weak close near the low of the day sets a bearish note for the next session.

Daily Candlestick Chart (EOSBTC as at Oct 18, 2020):

Daily technical analysis candlestick chart for EOS/Bitcoin Index (EOSBTC) as at Oct 18, 2020

Sunday's trading range has been BTC0.000002 (0.9%), that's slightly 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.

One bullish candlestick pattern matches today's price action, the Bullish Hikkake Pattern.

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 activated.

Among the six market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "5 Consecutive Lower Closes" stand out. Its common bearish interpretation has been confirmed for EOS/BTC. Out of 18 times, EOSBTC closed lower 55.56% 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 72.22% with an average market move of -6.50%.

With six out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are ETHUSD gaining 2.69% and BCHUSD closing 1.76% higher. On the flipside the worst performer has been ETCUSD closing -0.36% lower. Looking at the other Minor Cryptocurrencies, the winners of the day have been BCNUSD surging 13.16% and VETBTC closing 5.15% higher. The worst performers of the day have been WAVESBTC tanking -5.27% and WAVESUSD closing -4.08% lower. Read more


Market Conditions for EOSBTC as at Oct 18, 2020

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