ICXBTC closes higher for the 2nd day in a row
ICON/Bitcoin Index (ICXBTC) Technical Analysis Report for Oct 13, 2018 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, ICXBTC ended Saturday at 0.0001024 edging higher BTC0.0000009 (0.89%). Trading BTC0.0000116 higher after the open, the market was unable to hold its gains as the bears took control ending the day below its opening price. Closing within the previous day's range, prices missed to decisively move beyond the prior day's trading range.
Daily Candlestick Chart (ICXBTC as at Oct 13, 2018):
Saturday's trading range has been BTC0.0000346 (33.37%), that's above the last trading month's daily average range of BTC0.0000282. Weekly volatility is also higher, being slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently just the same than usual for ICXBTC.
In a volatile session, prices traded above the previous day's high as well as below the prior day's low, forming a bearish Outside Bar. Additionally, four candlestick patterns are matching today's price action, the Southern Doji which is known as bullish pattern and three neutral patterns, the Doji, the Long-Legged Doji and the Rickshaw-Man.
After trading down to 0.0000807 earlier during the day, ICX bounced off the key technical support level at 0.0000872 (S1). The failure to close below the support might increase that levels importance as support going forward. Prices are trading close to the key technical resistance level at 0.0001179 (R1). After having been unable to move lower than 0.0000816 in the previous session, ICX/BTC found buyers again around the same price level today at 0.0000807. The last time this happened on Wednesday, ICXBTC actually lost -18.96% on the following trading day.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Buying could accelerate should prices move above the close-by swing high at 0.0001275 where further buy stops might get activated. With prices trading close to this year's low at 0.0000680, downside momentum could speed up should the cryptocurrency break out to new lows for the year.
Among the 12 market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bearish Outside Bar" stand out. While it is usually interpreted as bearish, it has actually shown to be bullish for ICX/BTC. Out of 19 times, ICXBTC closed higher 68.42% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 57.89% with an average market move of 27.21%.
With five out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are ETHUSD gaining 1.6% and EOSUSD closing 1.54% higher. On the flipside the worst performer has been XRPUSD closing -0.38% lower. Looking at the other Minor Cryptocurrencies, the winners of the day have been STEEMBTC surging 5.26% and SCBTC closing 4.08% higher. The worst performers of the day have been BCNUSD tanking -4.43% and BTGBTC closing -2.26% lower. Read more