HSRBTC finds buyers again around 0.000269
Hshare/Bitcoin Index (HSRBTC) Technical Analysis Report for Nov 10, 2018 | by Techniquant Editorial Team
HSRBTC ended Saturday at 0.000274 flat. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range in a lackluster session.
Daily Candlestick Chart (HSRBTC as at Nov 10, 2018):
Saturday's trading range has been BTC0.000009 (3.32%), that's far below the last trading month's daily average range of BTC0.000016. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for HSRBTC. Prices continued to consolidate within a tight trading range between 0.000269 and 0.000282 where it has been caught now for the last three trading days.
After having been unable to move lower than 0.000270 in the prior session, the market found buyers again around the same price level today at 0.000269. The last time this happened on Thursday, HSRBTC actually lost -0.36% on the following trading day.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Buying could accelerate should prices move above the nearby swing high at 0.000290 where further buy stops might get activated. With prices trading close to this year's low at 0.000254, downside momentum could speed up should HSR/BTC break out to new lows for the year.
Among the three market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Low close to previous low" stand out. Although it is usually interpreted as bullish, it has actually shown to be bearish for HSR/BTC. Out of 166 times, HSRBTC closed lower 50.00% 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 63.25% with an average market move of -2.76%.
With six out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are BCHUSD gaining 1.7% and ETHUSD closing 1.26% higher. On the flipside the worst performer has been ETCUSD closing -0.11% lower. Looking at the other Minor Cryptocurrencies, the winners of the day have been XEMUSD surging 5.34% and DOGEUSD closing 3.88% higher. The worst performers of the day have been ZECUSD tanking -2.84% and ZECBTC closing -2.72% lower. Read more