ICXBTC closes within previous day's range after lackluster session
ICON/Bitcoin Index (ICXBTC) Technical Analysis Report for Aug 01, 2020 | by Techniquant Editorial Team
Moving lower for the 4th day in a row, ICXBTC finished Saturday at 0.0000324 losing BTC0.0000006 (-1.82%). Today's close at 0.0000324 marks the lowest recorded closing price since June 30th. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range in a lackluster session.
Daily Candlestick Chart (ICXBTC as at Aug 01, 2020):
Saturday's trading range has been BTC0.0000014 (4.24%), that's below the last trading month's daily average range of BTC0.0000028. Weekly volatility is also lower, being way below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for ICXBTC.
After trading down to 0.0000317 earlier during the day, ICX bounced off the key technical support level at 0.0000318 (S1). The failure to close below the support might increase that levels significance as support going forward. When prices bounced off a significant support level the last time on July 16th, ICXBTC gained 1.43% on the following trading day.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Trading close to June's low at 0.0000310 we could see further downside momentum if potential sell stops at the level get activated.
Among the two market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "4 Consecutive Lower Closes" stand out. Its common bearish interpretation has been confirmed for ICX/BTC. Out of 31 times, ICXBTC closed lower 67.74% 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 61.29% with an average market move of -0.01%.
With seven out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are XRPUSD gaining 12.04% and ETHUSD closing 11.71% higher. None of the markets ended the day in the red. Looking at the other Minor Cryptocurrencies, the winners of the day have been ZECUSD surging 19.59% and DOGEUSD closing 15.6% higher. The worst performers of the day have been STRATBTC tanking -4.08% and ARDRBTC closing -4.0% lower. Read more