ICXBTC finds buyers around 0.0000291 for the third day in a row


ICON/Bitcoin Index (ICXBTC) Technical Analysis Report for Oct 23, 2020 | by Techniquant Editorial Team

Highlights

ICXBTC falls to lowest close since May 17th
ICXBTC finds buyers around 0.0000291 for the third day in a row
ICXBTC closes below its opening price unable to hold early session gains
ICXBTC stuck within tight trading range
ICXBTC closes within previous day's range after lackluster session

Overview

ICXBTC ended the week -12.5% lower at 0.0000294 after losing BTC0.0000004 (-1.34%) today. Today's close at 0.0000294 marks the lowest recorded closing price since May 17th. Trading BTC0.0000004 higher after the open, Icon was unable to hold its gains as the bears took control ending the day below its opening price. 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 Oct 23, 2020):

Daily technical analysis candlestick chart for ICON/Bitcoin Index (ICXBTC) as at Oct 23, 2020

Friday's trading range has been BTC0.0000011 (3.69%), that's below the last trading month's daily average range of BTC0.0000019. 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 0.0000291 and 0.0000308 where it has been caught now for the last three trading days.

One bullish candlestick pattern matches today's price action, the Last Engulfing Bottom Pattern. The last time a Last Engulfing Bottom Pattern showed up on October 5th, ICXBTC actually lost -8.27% on the following trading day.

ICX found buyers again today around 0.0000291 for the third trading day in a row after having found demand at 0.0000292 in the prior session and at 0.0000293 two days ago.

The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.

Among the five market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Low close to previous two Lows" stand out. Though it is usually interpreted as bullish, it has actually shown to be bearish for ICX/BTC. Out of 122 times, ICXBTC closed lower 60.66% 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 four trading days, showing a win rate of 59.02% with an average market move of 0.96%.


Market Conditions for ICXBTC as at Oct 23, 2020

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