KCSBTC closes higher for the 4th day in a row
KCS/Bitcoin Index (KCSBTC) Technical Analysis Report for Oct 18, 2020 | by Techniquant Editorial Team
Moving higher for the 4th day in a row, KCSBTC finished Sunday at 0.0000798 edging higher BTC0.0000001 (0.13%) on high 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 Oct 18, 2020):
Sunday's trading range has been BTC0.0000023 (2.88%), that's below the last trading month's daily average range of BTC0.0000038. 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.
Two candlestick patterns are matching today's price action, the Northern Doji which is known as bearish pattern and one neutral pattern, the Doji. The last time a Northern Doji showed up on August 19th, KCSBTC actually gained 4.57% on the following trading day.
Although the cryptocurrency 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 three market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Northern Doji" stand out. Its common bearish interpretation has been confirmed for KCS/BTC. Out of 31 times, KCSBTC closed lower 61.29% 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 three trading days, showing a win rate of 64.52% with an average market move of -0.17%.
With six out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are ETHUSD gaining 2.69% and BCHUSD closing 1.76% higher. On the flipside the worst performer has been ETCUSD closing -0.36% lower. Looking at the other Minor Cryptocurrencies, the winners of the day have been BCNUSD surging 13.16% and VETBTC closing 5.15% higher. The worst performers of the day have been WAVESBTC tanking -5.27% and WAVESUSD closing -4.08% lower. Read more