IOTBTC closes below its opening price unable to hold early session gains
IOTA/Bitcoin Index (IOTBTC) Technical Analysis Report for Oct 13, 2018 | by Techniquant Editorial Team
IOTBTC ended Saturday at 0.0000773 losing BTC0.0000003 (-0.39%). Trading BTC0.0000017 higher after the open, IOT/BTC was unable to hold its gains as the bears took control ending the day below its opening price. The last time this happened on October 6th, IOTBTC actually gained 1.17% on the following trading day. Closing within the previous day's range, prices missed to decisively move beyond the prior day's trading range.
Daily Candlestick Chart (IOTBTC as at Oct 13, 2018):
Saturday's trading range has been BTC0.0000033 (4.24%), that's slightly below the last trading month's daily average range of BTC0.0000042. Things look different on the weekly timeframe, where the market's trading range of the last week has been above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for IOTBTC.
One bearish candlestick pattern matches today's price action, the Bearish Spinning Top.
The cryptocurrency found buyers again today around 0.0000763 for the third trading day in a row after having found demand at 0.0000764 in the previous session and at 0.0000768 two days ago.
With another close below the lower Bollinger Band, prices are confirming their strong downward momentum in the short-term. A rally back into the Bollinger Band on the next trading day though might signal a potential change in momentum that could lead to a correction back up towards the center of the Bollinger Bands at 0.0000851.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
With prices trading close to this year's low at 0.0000680, downside momentum might speed up should the market break out to new lows for the year.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Low close to prior two Lows" stand out. Although it is usually interpreted as bullish, it has actually shown to be bearish for IOT/BTC. Out of 26 times, IOTBTC closed lower 61.54% of the time on the next trading day after the market condition occurred.
With five out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are ETHUSD gaining 1.6% and EOSUSD closing 1.54% higher. On the flipside the worst performer has been XRPUSD closing -0.38% lower. Looking at the other Minor Cryptocurrencies, the winners of the day have been STEEMBTC surging 5.26% and SCBTC closing 4.08% higher. The worst performers of the day have been BCNUSD tanking -4.43% and BTGBTC closing -2.26% lower. Read more