HSRBTC runs into sellers around 0.000210 for the forth day in a row
Hshare/Bitcoin Index (HSRBTC) Technical Analysis Report for Nov 09, 2019 | by Techniquant Editorial Team
HSRBTC finished Saturday at 0.000209 gaining BTC0.000003 (1.46%). Trading up to BTC0.000168 lower after the open, HSR/BTC managed to reverse during the session as bulls took control ending the day above its opening price. Closing above Friday's high at 0.000208, HSR confirmed its breakout through the prior session high after trading up to BTC0.000002 above it intraday.
Daily Candlestick Chart (HSRBTC as at Nov 09, 2019):
Saturday's trading range has been BTC0.000172 (83.5%), that's far above the last trading month's daily average range of BTC0.000036. Weekly volatility is also higher, being above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for HSRBTC.
In a volatile session, prices traded above the previous day's high as well as below the prior day's low, forming a bullish Outside Bar. Additionally, three candlestick patterns are matching today's price action, the Dragonfly Doji which is known as bullish pattern, one bearish pattern, the Northern Doji and one neutral pattern, the Doji.
After trading as low as 0.000038 during the day, the cryptocurrency found support at the 50-day moving average at 0.000191. Unable to break through the key technical resistance level at 0.000210 (R1), Hshare closed below it after spiking up to 0.000210 earlier during the day. The failure to close above the resistance could increase that levels importance going forward. The market was sold again around 0.000210 after having seen highs at 0.000208, 0.000212 and 0.000210 in the last three trading sessions. Obviously there is something going on at that level. The last time this happened on October 26th, HSRBTC actually gained 18.42% on the following trading day.
Though HSRBTC is experiencing a short-term uptrend, this might just be a correction, as both the medium and long-term trends are still bearish.
Buying could speed up should prices move above the close-by swing high at 0.000212 where further buy stops might get activated. Trading close to September's high at 0.000231 we could see further upside momentum if potential buy stops at the level get triggered.
Among the 16 market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bullish Bounce off SMA 50" stand out. While it is usually interpreted as bullish, it has actually shown to be bearish for HSR/BTC. Out of 9 times, HSRBTC closed lower 77.78% 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 88.89% with an average market move of -13.39%.
With five out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are LTCUSD gaining 2.57% and BCHUSD closing 1.29% higher. On the flipside the worst performers have been ETCUSD closing -0.8% lower and BTCUSD losing -0.16%. Looking at the other Minor Cryptocurrencies, the winners of the day have been KMDBTC surging 19.83% and KMDUSD closing 19.72% higher. The worst performers of the day have been SCBTC tanking -4.35% and PIVXBTC closing -4.06% lower. Read more