KCSBTC closes above its opening price after recovering from early selling pressure
KCS/Bitcoin Index (KCSBTC) Technical Analysis Report for May 23, 2020 | by Techniquant Editorial Team
Moving higher for the 5th day in a row, KCSBTC finished Saturday at 0.0001064 gaining BTC0.0000015 (1.43%) on low volume. Trading up to BTC0.0000014 lower after the open, KCS managed to reverse during the session as bulls took control ending the day above its opening price. Closing above Friday's high at 0.0001052, the cryptocurrency confirmed its breakout through the prior session high after trading up to BTC0.0000015 above it intraday.
Daily Candlestick Chart (KCSBTC as at May 23, 2020):
Saturday's trading range has been BTC0.0000032 (3.05%), that's below the last trading month's daily average range of BTC0.0000058. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for KCSBTC.
Although KCS/BTC is experiencing a short-term uptrend, this could just be a correction, as both the medium and long-term trends are still bearish.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "5 Consecutive Higher Closes" stand out. Though it is usually interpreted as bullish, it has actually shown to be bearish for KCS/BTC. Out of 15 times, KCSBTC closed lower 60.00% of the time on the next trading day after the market condition occurred.
With five out of the seven Major Cryptocurrencies closing lower today, the ones that stand out on the negative side are EOSUSD losing -1.16% and LTCUSD closing -0.81% lower. On the flipside the best performers have been ETCUSD closing 1.55% higher and BTCUSD gaining 0.23%. Looking at the other Minor Cryptocurrencies, the winners of the day have been BCNUSD surging 10.84% and XVGUSD closing 5.05% higher. The worst performers of the day have been HSRBTC tanking -9.88% and ARDRBTC closing -9.27% lower. Read more