ICXBTC finds support at 20-day moving average
ICON/Bitcoin Index (ICXBTC) Technical Analysis Report for Nov 10, 2019 | by Techniquant Editorial Team
ICXBTC finished Sunday at 0.0000185 flat. Closing within the previous day's range, prices missed to decisively move beyond the prior day's trading range in a lackluster session.
Daily Candlestick Chart (ICXBTC as at Nov 10, 2019):
Sunday's trading range has been BTC0.0000005 (2.69%), 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.
Three candlestick patterns are matching today's price action, the Bullish Hikkake Pattern, the Hammer and the Homing Pigeon which are known as bullish patterns. The last time a Bullish Hikkake Pattern showed up on October 16th, ICXBTC gained 2.58% on the following trading day.
After trading as low as 0.0000182 during the day, ICX found support at the 20-day moving average at 0.0000183. After having been unable to move above 0.0000188 in the previous session, the market ran into sellers again around the same price level today, missing to move higher than 0.0000187.
Though the cryptocurrency is experiencing a short-term uptrend, this might just be a correction, as both the medium and long-term trends are still bearish.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Homing Pigeon" stand out. While it is usually interpreted as bullish, it has actually shown to be bearish for ICX/BTC. Out of 4 times, ICXBTC 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 100.00% with an average market move of -18.67%.
With six out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are BCHUSD gaining 3.73% and EOSUSD closing 3.16% higher. On the flipside the worst performer has been XRPUSD closing -0.14% lower. Looking at the other Minor Cryptocurrencies, the winners of the day have been XLMUSD surging 8.52% and VETBTC closing 6.78% higher. The worst performers of the day have been KMDBTC tanking -9.82% and KMDUSD closing -7.06% lower. Read more