KMDBTC breaks back above 20-day moving average
Komodo/Bitcoin Index (KMDBTC) Technical Analysis Report for Jul 16, 2019 | by Techniquant Editorial Team
KMDBTC ended Tuesday at 0.0001260 gaining BTC0.0000063 (5.26%) on low volume. Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range in a lackluster session.
Daily Candlestick Chart (KMDBTC as at Jul 16, 2019):
Tuesday's trading range has been BTC0.0000148 (12.36%), that's far below the last trading month's daily average range of BTC0.0000210. Weekly volatility is also lower, being way below the market's average weekly trading range. The longer-term, monthly volatility is currently lower than usual for KMDBTC. Prices continued to consolidate within a tight trading range between 0.0001090 and 0.0001408 where it has been caught now for the whole last trading week.
The market managed to close back above the 20-day moving average at 0.0001249. Prices are trading close to the key technical resistance level at 0.0001407 (R1). Komodo found buyers again today around 0.0001171 for the third trading day in a row after having found demand at 0.0001174 in the prior session and at 0.0001175 two days ago. The last time this happened on June 28th, KMDBTC gained 7.84% on the following trading day.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Buying might accelerate should prices move above the close-by swing high at 0.0001408 where further buy stops could get triggered. Selling might speed up should prices move below the nearby swing low at 0.0001090 where further sell stops could get activated. With prices trading close to this year's low at 0.0000898, downside momentum might accelerate should KMD break out to new lows for the year.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Close to Swing High" stand out. Although it is usually interpreted as neutral, it has actually shown to be bearish for KMD/BTC. Out of 280 times, KMDBTC closed lower 55.71% of the time on the next trading day after the market condition occurred.
With seven out of the seven Major Cryptocurrencies closing lower today, the ones that stand out on the negative side are EOSUSD losing -14.88% and ETHUSD closing -13.63% lower. None of the markets managed to end the day in the green. Looking at the other Minor Cryptocurrencies, the winners of the day have been WAVESBTC surging 12.98% and XRPBTC closing 8.67% higher. The worst performers of the day have been BATUSD tanking -18.25% and ETHCNY closing -17.61% lower. Read more