HSRBTC finds buyers around 0.000131 for the forth day in a row
Hshare/Bitcoin Index (HSRBTC) Technical Analysis Report for Oct 17, 2020 | by Techniquant Editorial Team
HSRBTC finished Saturday at 0.000131 flat.
Daily Candlestick Chart (HSRBTC as at Oct 17, 2020):
Saturday's trading range has been BTC0.000000 (0.0%), that's slightly below the last trading month's daily average range of BTC0.000000. 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.
Despite a strong opening Hshare closed below the prior day's open and close, forming a bearish Engulfing Candle. Additionally, two candlestick patterns are matching today's price action, the Tweezer Top which is known as bullish pattern and one bearish pattern, the Last Engulfing Top Pattern.
The cryptocurrency managed to close back above the 100-day moving average at 0.000131 for the first time since October 11th. When this moving average was crossed above the last time on September 1st, HSRBTC lost 0.00% on the following trading day. HSR was bought again around 0.000131 after having seen lows at 0.000131, 0.000131 and 0.000131 in the last three trading sessions. Obviously there is something going on at that level.
With another close above the upper Bollinger Band, prices are confirming their strong upward momentum in the short-term. A drop back into the Bollinger Band on the next trading day though might signal a potential change in momentum that could lead to a correction back down towards the center of the Bollinger Bands at 0.000131.
While still in a long-term downtrend, the short and medium-term trends both turned bullish already.
Among the 11 market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bullish Break through SMA 100" stand out. Although it is usually interpreted as bullish, it has actually shown to be bearish for HSR/BTC. Out of 24 times, HSRBTC closed lower 75.00% 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 62.50% with an average market move of -4.66%.
With four out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are ETHUSD gaining 0.81% and BTCUSD closing 0.37% higher. On the flipside the worst performers have been BCHUSD closing -2.05% lower and LTCUSD losing -1.43%. Looking at the other Minor Cryptocurrencies, the winners of the day have been WAVESUSD surging 8.14% and WAVESBTC closing 7.59% higher. The worst performers of the day have been BCNUSD tanking -10.94% and BCHBTC closing -2.26% lower. Read more