HSRBTC finds buyers around 0.000131 for the forth day in a row
Hshare/Bitcoin Index (HSRBTC) Technical Analysis Report for Oct 18, 2020 | by Techniquant Editorial Team
HSRBTC ended Sunday at 0.000131 flat.
Daily Candlestick Chart (HSRBTC as at Oct 18, 2020):
Sunday'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.
Even with 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.
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 while 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.
Though still in a long-term downtrend, the short and medium-term trends both turned bullish already.
Among the 10 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 448 times, HSRBTC closed lower 42.41% 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 54.91% with an average market move of -1.27%.
With six out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are ETHUSD gaining 2.69% and BCHUSD closing 1.76% higher. On the flipside the worst performer has been ETCUSD closing -0.36% lower. Looking at the other Minor Cryptocurrencies, the winners of the day have been BCNUSD surging 13.16% and VETBTC closing 5.15% higher. The worst performers of the day have been WAVESBTC tanking -5.27% and WAVESUSD closing -4.08% lower. Read more