ICXBTC drops to lowest close since May 14th
ICON/Bitcoin Index (ICXBTC) Technical Analysis Report for Oct 26, 2020 | by Techniquant Editorial Team
ICXBTC ended Monday at 0.0000280 losing BTC0.0000007 (-2.44%). Today's close at 0.0000280 marks the lowest recorded closing price since May 14th. Closing within the previous day's range, prices missed to decisively move beyond the prior day's trading range.
Daily Candlestick Chart (ICXBTC as at Oct 26, 2020):
Monday's trading range has been BTC0.0000014 (4.88%), that's slightly below the last trading month's daily average range of BTC0.0000017. 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.
In a volatile session, prices traded above the previous day's high as well as below the prior day's low, forming a bearish Outside Bar. The last time this happened on September 20th, ICXBTC lost -5.49% on the following trading day. Additionally, one bullish candlestick pattern matches today's price action, the Last Engulfing Bottom Pattern.
After having been unable to move lower than 0.0000278 in the previous session, ICX/BTC found buyers again around the same price level today at 0.0000277.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Selling could speed up should prices move below the close-by swing low at 0.0000266 where further sell stops might get triggered.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Low close to prior low" stand out. Although it is usually interpreted as bullish, it has actually shown to be bearish for ICX/BTC. Out of 370 times, ICXBTC closed lower 57.30% 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 nine trading days, showing a win rate of 60.27% with an average market move of 1.87%.