ICXBTC closes below its opening price unable to hold early session gains
ICON/Bitcoin Index (ICXBTC) Technical Analysis Report for Oct 18, 2020 | by Techniquant Editorial Team
ICXBTC finished Sunday at 0.0000336 losing BTC0.0000001 (-0.3%) on low volume. Trading BTC0.0000002 higher after the open, ICX was unable to hold its gains as the bears took control ending the day below its opening price. 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 Oct 18, 2020):
Sunday's trading range has been BTC0.0000005 (1.48%), that's far below the last trading month's daily average range of BTC0.0000024. 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, one bearish candlestick pattern matches today's price action, the Bearish Spinning Top.
After having been unable to move above 0.0000340 in the prior session, ICX/BTC ran into sellers again around the same price level today, missing to move higher than 0.0000339. The last time this happened on October 11th, ICXBTC actually gained 1.15% on the following trading day.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Buying could accelerate should prices move above the close-by swing high at 0.0000340 where further buy stops might get triggered. Selling could speed up should prices move below the nearby swing low at 0.0000320 where further sell stops might get activated. Trading close to August's low at 0.0000317 we could see further downside momentum if potential sell stops at the level get triggered.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "High close to previous High" stand out. Its common bearish interpretation has been confirmed for ICX/BTC. Out of 277 times, ICXBTC closed lower 52.71% 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 57.76% with an average market move of 1.07%.
With six out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are ETHUSD gaining 2.69% and BCHUSD closing 1.76% higher. On the flipside the worst performer has been ETCUSD closing -0.36% lower. Looking at the other Minor Cryptocurrencies, the winners of the day have been BCNUSD surging 13.16% and VETBTC closing 5.15% higher. The worst performers of the day have been WAVESBTC tanking -5.27% and WAVESUSD closing -4.08% lower. Read more