ICXBTC dominated by bears dragging the market lower throughout the day
ICON/Bitcoin Index (ICXBTC) Technical Analysis Report for Aug 11, 2018 | by Techniquant Editorial Team
Moving lower for the 2nd day in a row, ICXBTC finished Saturday at 0.0001065 losing BTC0.0000099 (-8.51%). Today's closing price of 0.0001065 marks the lowest close since December 4, 2017. The bears were in full control today, moving the market lower throughout the whole session. Closing below Friday's low at 0.0001142, the cryptocurrency confirms its breakout through the prior session's low having traded BTC0.0000083 below it intraday. Ending with a weak close near the low of the day sets a bearish note for the next session.
Daily Candlestick Chart (ICXBTC as at Aug 11, 2018):
Saturday's trading range was BTC0.0000107 (9.23%), that's slightly below last trading month's daily average range of BTC0.0000119. Things look different on a weekly scale, where volatility is slightly above the markets average with the monthly volatility being exactly the same as average.
Unable to break through the key technical resistance level at 0.0001161, ICX/BTC closed below it after spiking as high as 0.0001166 during the day. The failure to close above the resistance might increase that levels importance as resistance going forward.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
With seven out of the seven Major Cryptocurrencies closing lower today, the ones that stand out on the negative side are XRPUSD losing -8.28% and ETCUSD closing -7.72% lower. None of the markets managed to end the day in the green. Looking at the other Minor Cryptocurrencies, the winners of the day have been BTCCNY surging 5.28% and WAVESBTC closing 1.9% higher. The worst performers of the day have been ELFBTC tanking -13.38% and IOTBTC closing -11.22% lower. Read more