HSRBTC closes higher for the 2nd day in a row
Hshare/Bitcoin Index (HSRBTC) Technical Analysis Report for Nov 10, 2019 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, HSRBTC ended Sunday at 0.000210 gaining BTC0.000001 (0.48%). Trading up to BTC0.000004 lower after the open, the cryptocurrency managed to reverse during the session as bulls took control ending the day above its opening price. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Daily Candlestick Chart (HSRBTC as at Nov 10, 2019):
Sunday's trading range has been BTC0.000007 (3.35%), that's slightly below the last trading month's daily average range of BTC0.000035. Things look different on the weekly timeframe, where the market's trading range of the last week has been above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for HSRBTC.
One bullish candlestick pattern matches today's price action, the Bullish Spinning Top. The last time a Bullish Spinning Top showed up on November 3rd, HSRBTC gained 3.41% on the following trading day.
Prices are trading close to the key technical support level at 0.000204 (S1). HSR/BTC was sold again around 0.000212 after having seen highs at 0.000210, 0.000208 and 0.000212 in the last three trading sessions. Obviously there is something going on at that level.
While Hshare is experiencing a short-term uptrend, this could just be a correction, as both the medium and long-term trends are still bearish.
Buying might accelerate should prices move above the nearby swing high at 0.000212 where further buy stops could get activated. Trading close to September's high at 0.000231 we might see further upside momentum if potential buy stops at the level get triggered.
Among the seven market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Bullish Intraday Reversal" stand out. Although it is usually interpreted as bullish, it has actually shown to be bearish for HSR/BTC. Out of 93 times, HSRBTC closed lower 64.52% 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 66.67% with an average market move of 0.40%.
With six out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are BCHUSD gaining 3.73% and EOSUSD closing 3.16% higher. On the flipside the worst performer has been XRPUSD closing -0.14% lower. Looking at the other Minor Cryptocurrencies, the winners of the day have been XLMUSD surging 8.52% and VETBTC closing 6.78% higher. The worst performers of the day have been KMDBTC tanking -9.82% and KMDUSD closing -7.06% lower. Read more