KCSBTC breaks below key technical support level
KCS/Bitcoin Index (KCSBTC) Technical Analysis Report for Nov 09, 2019 | by Techniquant Editorial Team
Moving lower for the 2nd day in a row, KCSBTC ended Saturday at 0.0001377 losing BTC0.0000027 (-1.92%) on low volume. Closing within the previous day's range, prices missed to decisively move beyond the prior day's trading range in a lackluster session.
Daily Candlestick Chart (KCSBTC as at Nov 09, 2019):
Saturday's trading range has been BTC0.0000058 (4.11%), that's below the last trading month's daily average range of BTC0.0000104. 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 KCSBTC.
Two candlestick patterns are matching today's price action, the Bearish Short Candle and the Black Candle which are both known as bearish patterns.
Prices are trading close to the key technical support level at 0.0001329 (S1). Prices broke below the key technical support level at 0.0001397 (now R1), which is likely to act as resistance going forward. The last time this happened on Wednesday, KCSBTC actually gained 3.15% on the following trading day.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Trading close to September's low at 0.0001281 we might see further downside momentum if potential sell stops at the level get triggered.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bearish Short Candle" stand out. Its common bearish interpretation has been confirmed for KCS/BTC. Out of 33 times, KCSBTC closed lower 69.70% 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 63.64% with an average market move of -5.10%.
With five out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are LTCUSD gaining 2.57% and BCHUSD closing 1.29% higher. On the flipside the worst performers have been ETCUSD closing -0.8% lower and BTCUSD losing -0.16%. Looking at the other Minor Cryptocurrencies, the winners of the day have been KMDBTC surging 19.83% and KMDUSD closing 19.72% higher. The worst performers of the day have been SCBTC tanking -4.35% and PIVXBTC closing -4.06% lower. Read more