ICXBTC closes within prior day's range
ICON/Bitcoin Index (ICXBTC) Technical Analysis Report for May 23, 2020 | by Techniquant Editorial Team
ICXBTC ended Saturday at 0.0000348 losing BTC0.0000007 (-1.97%). Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range.
Daily Candlestick Chart (ICXBTC as at May 23, 2020):
Saturday's trading range has been BTC0.0000017 (4.79%), that's slightly below the last trading month's daily average range of BTC0.0000022. Things look different on the weekly timeframe, where the market's trading range of the last week has been above 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 prior day's range, unable to trade above the previous day's high or below the prior day's low forming an Inside Bar.
Prices are trading close to the key technical support level at 0.0000327 (S1). Prices are trading close to the key technical resistance level at 0.0000361 (R1).
Crossing below the upper Bollinger Band, prices have lost at least some of their upward momentum in the short-term and might now be heading back down towards the mean of the Bollinger Bands at 0.0000306. The last time this happened on Thursday, ICXBTC actually gained 4.41% on the following trading day.
Though ICX/BTC is experiencing a short-term uptrend, this could just be a correction, as both the medium and long-term trends are still bearish.
Buying might accelerate should prices move above the nearby swing high at 0.0000367 where further buy stops could get triggered.
Among the two market conditions that our pattern recognition engine identified today, the statistics for the Technical Indicators based market condition "Close crossed below the upper Bollinger Band" stand out. Its common bearish interpretation has been confirmed for ICX/BTC. Out of 32 times, ICXBTC closed lower 59.38% of the time on the next trading day after the market condition occurred.
With five out of the seven Major Cryptocurrencies closing lower today, the ones that stand out on the negative side are EOSUSD losing -1.16% and LTCUSD closing -0.81% lower. On the flipside the best performers have been ETCUSD closing 1.55% higher and BTCUSD gaining 0.23%. Looking at the other Minor Cryptocurrencies, the winners of the day have been BCNUSD surging 10.84% and XVGUSD closing 5.05% higher. The worst performers of the day have been HSRBTC tanking -9.88% and ARDRBTC closing -9.27% lower. Read more