KCSBTC finds buyers at key support level
KCS/Bitcoin Index (KCSBTC) Technical Analysis Report for Oct 17, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, KCSBTC ended Saturday at 0.0000797 gaining BTC0.0000007 (0.89%). Trading up to BTC0.0000020 lower after the open, the cryptocurrency managed to reverse during the session as bulls took control ending the day above its opening price. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Daily Candlestick Chart (KCSBTC as at Oct 17, 2020):
Saturday's trading range has been BTC0.0000029 (3.67%), that's below the last trading month's daily average range of BTC0.0000040. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently lower than usual for KCSBTC.
After trading down to 0.0000770 earlier during the day, KCS/BTC bounced off the key technical support level at 0.0000771 (S1). The failure to close below the support could increase that levels importance as support going forward. When prices bounced off a significant support level the last time on September 26th, KCSBTC actually lost -2.13% on the following trading day.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bounced off Technical Support S1" stand out. Although it is usually interpreted as bullish, it has actually shown to be bearish for KCS/BTC. Out of 152 times, KCSBTC closed lower 57.24% 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 65.13% with an average market move of -2.34%.
With four out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are ETHUSD gaining 0.81% and BTCUSD closing 0.37% higher. On the flipside the worst performers have been BCHUSD closing -2.05% lower and LTCUSD losing -1.43%. Looking at the other Minor Cryptocurrencies, the winners of the day have been WAVESUSD surging 8.14% and WAVESBTC closing 7.59% higher. The worst performers of the day have been BCNUSD tanking -10.94% and BCHBTC closing -2.26% lower. Read more