HSRBTC finds buyers around 0.000138 for the forth day in a row
Hshare/Bitcoin Index (HSRBTC) Technical Analysis Report for May 27, 2020 | by Techniquant Editorial Team
Moving lower for the 2nd day in a row, HSRBTC finished Wednesday at 0.000138 losing BTC0.000004 (-2.82%). The bears were in full control today, moving the market lower throughout the whole session. Closing below Tuesday's low at 0.000140, Hshare confirmed its breakout through the prior session low after trading up to BTC0.000002 below it intraday.
Daily Candlestick Chart (HSRBTC as at May 27, 2020):
Wednesday's trading range has been BTC0.000005 (3.52%), that's slightly below the last trading month's daily average range of BTC0.000010. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for HSRBTC.
Two candlestick patterns are matching today's price action, the Bullish Hikkake Pattern which is known as bullish pattern and one bearish pattern, the Black Candle. The last time a Bullish Hikkake Pattern showed up on May 24th, HSRBTC gained 4.96% on the following trading day.
Prices are trading close to the key technical resistance level at 0.000146 (R1). HSR was bought again around 0.000138 after having seen lows at 0.000140, 0.000138 and 0.000140 in the last three trading sessions. Obviously there is something going on at that level.
Although the cryptocurrency is experiencing a short-term uptrend, this might just be a correction, as both the medium and long-term trends are still bearish.
Selling could accelerate should prices move below the close-by swing low at 0.000138 where further sell stops might get activated.
Among the 10 market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Black Candle" stand out. Its common bearish interpretation has been confirmed for HSR/BTC. Out of 200 times, HSRBTC closed lower 53.00% 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 60.00% with an average market move of 1.55%.
With seven out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are BTCUSD gaining 4.07% and LTCUSD closing 3.74% higher. None of the markets ended the day in the red. Looking at the other Minor Cryptocurrencies, the winners of the day have been BCNUSD surging 18.45% and LTCGBP closing 5.65% higher. The worst performers of the day have been XVGBTC tanking -10.42% and ARDRBTC closing -7.38% lower. Read more