ICXBTC stuck within tight trading range
ICON/Bitcoin Index (ICXBTC) Technical Analysis Report for Oct 17, 2020 | by Techniquant Editorial Team
ICXBTC finished Saturday at 0.0000337 gaining BTC0.0000007 (2.12%) on low volume.
Daily Candlestick Chart (ICXBTC as at Oct 17, 2020):
Saturday's trading range has been BTC0.0000013 (3.94%), that's below the last trading month's daily average range of BTC0.0000025. 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. Prices continued to consolidate within a tight trading range between 0.0000320 and 0.0000342 where it has been caught now for the last three trading days.
Even with a weak opening ICX/BTC managed to close above the prior day's open and close, forming a bullish Engulfing Candle. Additionally, two candlestick patterns are matching today's price action, the Bullish Short Candle and the White Candle which are both known as bullish patterns. The last time a White Candle showed up on October 7th, ICXBTC actually lost -2.78% on the following trading day.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Selling might speed up should prices move below the nearby swing low at 0.0000320 where further sell stops could get activated. Trading close to August's low at 0.0000317 we might see further downside momentum if potential sell stops at the level get triggered.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bullish Short Candle" stand out. Though it is usually interpreted as bullish, it has actually shown to be bearish for ICX/BTC. Out of 26 times, ICXBTC closed lower 57.69% 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 61.54% with an average market move of 1.95%.
With four out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are ETHUSD gaining 0.81% and BTCUSD closing 0.37% higher. On the flipside the worst performers have been BCHUSD closing -2.05% lower and LTCUSD losing -1.43%. Looking at the other Minor Cryptocurrencies, the winners of the day have been WAVESUSD surging 8.14% and WAVESBTC closing 7.59% higher. The worst performers of the day have been BCNUSD tanking -10.94% and BCHBTC closing -2.26% lower. Read more