EOSBTC closes within previous day's range
EOS/Bitcoin Index (EOSBTC) Technical Analysis Report for Nov 22, 2020 | by Techniquant Editorial Team
EOSBTC finished Sunday at 0.000166 losing BTC0.000007 (-4.05%) on high volume. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range.
Daily Candlestick Chart (EOSBTC as at Nov 22, 2020):
Sunday's trading range has been BTC0.000012 (6.94%), that's 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 lower than usual for EOSBTC.
One bearish candlestick pattern matches today's price action, the Black Candle. The last time a Black Candle showed up on Wednesday, EOSBTC lost 0.00% on the following trading day.
Prices are trading close to the key technical support level at 0.000161 (S1).
Though EOS is experiencing a short-term uptrend, this could just be a correction, as both the medium and long-term trends are still bearish.
Among the three market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Down Close Near Low of Period" stand out. Its common bearish interpretation has been confirmed for EOS/BTC. Out of 217 times, EOSBTC closed lower 56.22% 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 65.44% with an average market move of -2.22%.