KCSBTC drops to lowest close since October 21st


KCS/Bitcoin Index (KCSBTC) Technical Analysis Report for Nov 10, 2019 | by Techniquant Editorial Team

Highlights

KCSBTC falls to lowest close since October 21st
KCSBTC closes lower for the 3rd day in a row
KCSBTC closes within previous day's range after lackluster session

Overview

Moving lower for the 3rd day in a row, KCSBTC finished Sunday at 0.0001364 edging lower BTC0.0000013 (-0.94%). Today's close at 0.0001364 marks the lowest recorded closing price since October 21st. Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range in a lackluster session.

Daily Candlestick Chart (KCSBTC as at Nov 10, 2019):

Daily technical analysis candlestick chart for KCS/Bitcoin Index (KCSBTC) as at Nov 10, 2019

Sunday's trading range has been BTC0.0000052 (3.79%), that's far below the last trading month's daily average range of BTC0.0000105. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for KCSBTC.

One bullish candlestick pattern matches today's price action, the Takuri Line. The last time a Takuri Line showed up on September 26th, KCSBTC actually lost -3.04% on the following trading day.

Prices are trading close to the key technical support level at 0.0001319 (S1). Prices are trading close to the key technical resistance level at 0.0001376 (R1).

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 activated.

Among the two market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Takuri Line" stand out. Though it is usually interpreted as bullish, it has actually shown to be bearish for KCS/BTC. Out of 19 times, KCSBTC closed lower 57.89% 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 73.68% with an average market move of -5.33%.

With six out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are BCHUSD gaining 3.73% and EOSUSD closing 3.16% higher. On the flipside the worst performer has been XRPUSD closing -0.14% lower. Looking at the other Minor Cryptocurrencies, the winners of the day have been XLMUSD surging 8.52% and VETBTC closing 6.78% higher. The worst performers of the day have been KMDBTC tanking -9.82% and KMDUSD closing -7.06% lower. Read more


Market Conditions for KCSBTC as at Nov 10, 2019

Loading Market Conditions for KCSBTC (KCS/Bitcoin Index)...
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