KCSBTC runs into sellers around 0.0000444 for the third day in a row
KCS/Bitcoin Index (KCSBTC) Technical Analysis Report for Nov 21, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, KCSBTC ended Saturday at 0.0000444 gaining BTC0.0000005 (1.14%). Trading up to BTC0.0000013 lower after the open, KCS/BTC 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 Nov 21, 2020):
Saturday's trading range has been BTC0.0000018 (4.1%), that's below the last trading month's daily average range of BTC0.0000031. 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 higher than usual for KCSBTC.
One bullish candlestick pattern matches today's price action, the Hammer. The last time a Hammer showed up on September 30th, KCSBTC actually lost -1.48% on the following trading day.
The market ran into sellers again today around 0.0000444 for the third trading day in a row after having found sellers at 0.0000444 in the prior session and at 0.0000439 two days ago.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Selling could speed up should prices move below the close-by swing low at 0.0000415 where further sell stops might get triggered.
Among the eight market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Close to Swing Low" stand out. Though it is usually interpreted as neutral, it has actually shown to be bearish for KCS/BTC. Out of 410 times, KCSBTC closed lower 55.12% 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 57.56% with an average market move of -2.11%.