KCSBTC closes above its opening price after recovering from early selling pressure
KCS/Bitcoin Index (KCSBTC) Technical Analysis Report for Aug 01, 2020 | by Techniquant Editorial Team
KCSBTC ended Saturday at 0.0000709 gaining BTC0.0000007 (1.0%). Trading up to BTC0.0000016 lower after the open, KCS/BTC managed to reverse during the session as bulls took control ending the day above its opening price. The last time this happened on July 26th, KCSBTC actually lost -10.69% on the following trading day. 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 Aug 01, 2020):
Saturday's trading range has been BTC0.0000040 (5.7%), that's slightly below the last trading month's daily average range of BTC0.0000053. 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 lower than usual for KCSBTC.
One bullish candlestick pattern matches today's price action, the Bullish Spinning Top.
After having been unable to move lower than 0.0000689 in the previous session, KCS found buyers again around the same price level today at 0.0000686.
Crossing above the lower Bollinger Band, prices have lost at least some of their downward momentum in the short-term and could now be heading back up towards the mean of the Bollinger Bands at 0.0000835.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
With prices trading close to this year's low at 0.0000671, downside momentum might speed up should the cryptocurrency break out to new lows for the year.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bullish Spinning Top" stand out. Though it is usually interpreted as bullish, it has actually shown to be bearish for KCS/BTC. Out of 87 times, KCSBTC closed lower 59.77% of the time on the next trading day after the market condition occurred.
With seven out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are XRPUSD gaining 12.04% and ETHUSD closing 11.71% higher. None of the markets ended the day in the red. Looking at the other Minor Cryptocurrencies, the winners of the day have been ZECUSD surging 19.59% and DOGEUSD closing 15.6% higher. The worst performers of the day have been STRATBTC tanking -4.08% and ARDRBTC closing -4.0% lower. Read more