KCSBTC closes below its opening price unable to hold early session gains


KCS/Bitcoin Index (KCSBTC) Technical Analysis Report for Nov 22, 2020 | by Techniquant Editorial Team

Highlights

KCSBTC closes below its opening price unable to hold early session gains
KCSBTC still stuck within tight trading range
KCSBTC closes within previous day's range

Overview

KCSBTC ended Sunday at 0.0000436 losing BTC0.0000008 (-1.8%). Trading BTC0.0000015 higher after the open, KCS/BTC was unable to hold its gains as the bears took control ending the day below its opening price. The last time this happened on November 4th, KCSBTC lost -6.61% on the following trading day. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range.

Daily Candlestick Chart (KCSBTC as at Nov 22, 2020):

Daily technical analysis candlestick chart for KCS/Bitcoin Index (KCSBTC) as at Nov 22, 2020

Sunday's trading range has been BTC0.0000027 (6.08%), that's slightly below the last trading month's daily average range of BTC0.0000032. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for KCSBTC. Prices continued to consolidate within a tight trading range between 0.0000414 and 0.0000459 where it has been caught now for the whole last trading week.

One bullish candlestick pattern matches today's price action, the Last Engulfing Bottom Pattern.

The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.

Selling might speed up should prices move below the close-by swing low at 0.0000415 where further sell stops could get activated.

Among the five market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Bearish Intraday Reversal" stand out. Its common bearish interpretation has been confirmed for KCS/BTC. Out of 175 times, KCSBTC closed lower 54.29% 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 10 trading days, showing a win rate of 64.57% with an average market move of -3.67%.


Market Conditions for KCSBTC as at Nov 22, 2020

Loading Market Conditions for KCSBTC (KCS/Bitcoin Index)...
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