EOSBTC surges, gaining BTC0.000024 (16.11%) within a single day on high volume


EOS/Bitcoin Index (EOSBTC) Technical Analysis Report for Nov 21, 2020 | by Techniquant Editorial Team

Highlights

EOSBTC soars, gaining BTC0.000024 (16.11%) within a single day on high volume
EOSBTC breaks above 20-day moving average for the first time since October 7th
EOSBTC rises to highest close since November 2nd
EOSBTC dominated by bulls lifting the market higher throughout the day
EOSBTC closes higher for the 2nd day in a row

Overview

Moving higher for the 2nd day in a row, EOSBTC finished Saturday at 0.000173 surging BTC0.000024 (16.11%) on high volume. This is the biggest single-day gain in over two months. Today's close at 0.000173 marks the highest recorded closing price since November 2nd. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Friday's high at 0.000154, EOS confirmed its breakout through the previous session high after trading up to BTC0.000020 above it intraday.

Daily Candlestick Chart (EOSBTC as at Nov 21, 2020):

Daily technical analysis candlestick chart for EOS/Bitcoin Index (EOSBTC) as at Nov 21, 2020

Saturday's trading range has been BTC0.000027 (18.12%), that's far above the last trading month's daily average range of BTC0.000008. Weekly volatility is also higher, being above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for EOSBTC.

One bullish candlestick pattern matches today's price action, the White Candle.

The market managed to close above the 20-day moving average at 0.000160 for the first time since October 7th. When this moving average was crossed above the last time on October 6th, EOSBTC actually lost -2.36% on the following trading day. After having been unable to move lower than 0.000146 in the prior session, the cryptocurrency found buyers again around the same price level today at 0.000147.

Though EOS/BTC is experiencing a short-term uptrend, this might just be a correction, as both the medium and long-term trends are still bearish.

As prices are trading close to November's high at 0.000185, upside momentum could accelerate should EOSBTC mark new highs for the month.

Among the 12 market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Decisive Up Move" stand out. Although it is usually interpreted as bullish, it has actually shown to be bearish for EOS/BTC. Out of 102 times, EOSBTC closed lower 66.67% 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 five trading days, showing a win rate of 66.67% with an average market move of 0.35%.


Market Conditions for EOSBTC as at Nov 21, 2020

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