ICXBTC dominated by bears dragging the market lower throughout the day
ICON/Bitcoin Index (ICXBTC) Technical Analysis Report for Nov 09, 2019 | by Techniquant Editorial Team
Moving lower for the 2nd day in a row, ICXBTC ended Saturday at 0.0000185 losing BTC0.0000003 (-1.6%). The bears were in full control today, moving the market lower throughout the whole session. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range in a lackluster session.
Daily Candlestick Chart (ICXBTC as at Nov 09, 2019):
Saturday's trading range has been BTC0.0000004 (2.13%), that's below the last trading month's daily average range of BTC0.0000010. 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 ICXBTC.
During the whole day, prices traded within the previous day's range, unable to trade above the prior day's high or below the previous day's low forming an Inside Bar. Additionally, two candlestick patterns are matching today's price action, the Bearish Short Candle and the Black Candle which are both known as bearish patterns.
After having been unable to move lower than 0.0000183 in the prior session, ICX/BTC found buyers again around the same price level today at 0.0000184. The last time this happened on Thursday, ICXBTC actually lost -3.59% on the following trading day.
Although ICX 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 0.0000183 where further sell stops might get activated.
Among the seven market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bearish Short Candle" stand out. Its common bearish interpretation has been confirmed for ICX/BTC. Out of 30 times, ICXBTC closed lower 66.67% 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 73.33% with an average market move of -1.75%.
With five out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are LTCUSD gaining 2.57% and BCHUSD closing 1.29% higher. On the flipside the worst performers have been ETCUSD closing -0.8% lower and BTCUSD losing -0.16%. Looking at the other Minor Cryptocurrencies, the winners of the day have been KMDBTC surging 19.83% and KMDUSD closing 19.72% higher. The worst performers of the day have been SCBTC tanking -4.35% and PIVXBTC closing -4.06% lower. Read more