KCSBTC runs into sellers again around 0.0002070
KCS/Bitcoin Index (KCSBTC) Technical Analysis Report for Mar 16, 2019 | by Techniquant Editorial Team
KCSBTC finished Saturday at 0.0001993 losing BTC0.0000044 (-2.16%). Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range.
Daily Candlestick Chart (KCSBTC as at Mar 16, 2019):
Saturday's trading range has been BTC0.0000199 (9.77%), that's above the last trading month's daily average range of BTC0.0000133. Weekly volatility is also higher, being way above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for KCSBTC.
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.
Prices are trading close to the key technical resistance level at 0.0002079 (R1). After having been unable to move above 0.0002079 in the prior session, the cryptocurrency ran into sellers again around the same price level today, failing to move higher than 0.0002070. The last time this happened on Thursday, KCSBTC actually gained 14.76% on the following trading day.
With another close above the upper Bollinger Band, prices are confirming their strong upward momentum in the short-term. A drop back into the Bollinger Band on the next trading day although might signal a potential change in momentum that could lead to a correction back down towards the center of the Bollinger Bands at 0.0001430.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying might accelerate should prices move above the nearby swing high at 0.0002079 where further buy stops could get triggered.
Among the three market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Close to Swing High" stand out. Though it is usually interpreted as neutral, it has actually shown to be bearish for KCS/BTC. Out of 155 times, KCSBTC closed lower 54.84% 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 63.87% with an average market move of -2.74%.
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