IOTBTC runs into sellers again around 0.0000773

IOTA/Bitcoin Index (IOTBTC) Technical Analysis Report for Mar 16, 2019 | by Techniquant Editorial Team


IOTBTC closes below its opening price unable to hold early session gains
IOTBTC runs into sellers again around 0.0000773
IOTBTC closes within previous day's range


IOTBTC ended Saturday at 0.0000761 flat on high volume. Trading BTC0.0000011 higher after the open, the market 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 missed to decisively move beyond the prior day's trading range.

Daily Candlestick Chart (IOTBTC as at Mar 16, 2019):

Daily technical analysis candlestick chart for IOTA/Bitcoin Index (IOTBTC) as at Mar 16, 2019

Saturday's trading range has been BTC0.0000021 (2.76%), that's slightly below the last trading month's daily average range of BTC0.0000026. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for IOTBTC.

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. Additionally, four candlestick patterns are matching today's price action, the Northern Doji which is known as bearish pattern and three neutral patterns, the Doji, the Long-Legged Doji and the Rickshaw-Man. The last time a Northern Doji showed up on January 1st, IOTBTC actually gained 5.40% on the following trading day.

After having been unable to move above 0.0000770 in the previous session, IOTA ran into sellers again around the same price level today, failing to move higher than 0.0000773.

The cryptocurrency shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish.

Buying could speed up should prices move above the close-by swing high at 0.0000778 where further buy stops might get activated. Further buying could move prices higher should the market test February's nearby high at 0.0000801.

Among the eight market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Rickshaw-Man" stand out. Although it is usually interpreted as neutral, it has actually shown to be bullish for IOT/BTC. Out of 3 times, IOTBTC closed higher 66.67% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after four trading days, showing a win rate of 66.67% with an average market move of 2.25%.

With seven out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are BCHUSD gaining 8.19% and LTCUSD closing 4.83% higher. None of the markets ended the day in the red. Looking at the other Minor Cryptocurrencies, the winners of the day have been BCHBTC surging 5.72% and LTCGBP closing 5.01% higher. The worst performers of the day have been SCBTC tanking -5.56% and KMDBTC closing -5.06% lower. Read more

Market Conditions for IOTBTC as at Mar 16, 2019

Loading Market Conditions for IOTBTC (IOTA/Bitcoin Index)...
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