KMDBTC rockets, gaining BTC0.0000160 (19.83%) within a single day on high volume

Komodo/Bitcoin Index (KMDBTC) Technical Analysis Report for Nov 09, 2019 | by Techniquant Editorial Team


KMDBTC soars, gaining BTC0.0000160 (19.83%) within a single day on high volume
KMDBTC pushes through key technical resistance level
KMDBTC rises to highest close since August 2nd
KMDBTC dominated by bulls lifting the market higher throughout the day
KMDBTC closes higher for the 2nd day in a row


Moving higher for the 2nd day in a row, KMDBTC finished Saturday at 0.0000967 surging BTC0.0000160 (19.83%) on high volume. This is the biggest single-day gain in over four months. The last time we've seen such an unusually strong single-day gain on Tuesday, KMDBTC gained 2.16% on the following trading day. Today's close at 0.0000967 marks the highest recorded closing price since August 2nd. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Friday's high at 0.0000822, KMD/BTC confirmed its breakout through the previous session high after trading up to BTC0.0000159 above it intraday.

Daily Candlestick Chart (KMDBTC as at Nov 09, 2019):

Daily technical analysis candlestick chart for Komodo/Bitcoin Index (KMDBTC) as at Nov 09, 2019

Saturday's trading range has been BTC0.0000187 (23.17%), that's far above the last trading month's daily average range of BTC0.0000060. Weekly volatility is also higher, being way above the market's average weekly trading range. The longer-term, monthly volatility is currently higher than usual for KMDBTC.

One bullish candlestick pattern matches today's price action, the White Candle.

Buyers managed to take out the key technical resistance level at 0.0000819 (now S1), which is likely to act as support going forward.

Crossing above the upper Bollinger Band for the first time since Wednesday, prices have shown unusually strong upward momentum in the short-term. This might either indicate a potential buying climax after which prices could head back down towards the mean of the Bollinger Bands at 0.0000677 or signal the beginning of a strong momentum breakout leading to even higher prices.

Though still in a long-term downtrend, the short and medium-term trends both turned bullish already.

Among the 13 market conditions that our pattern recognition engine identified today, the statistics for the Technical Indicators based market condition "RSI(14) above 70" stand out. Its common bearish interpretation has been confirmed for KMD/BTC. Out of 17 times, KMDBTC closed lower 58.82% of the time on the next trading day after the market condition occurred.

With five out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are LTCUSD gaining 2.57% and BCHUSD closing 1.29% higher. On the flipside the worst performers have been ETCUSD closing -0.8% lower and BTCUSD losing -0.16%. Looking at the other Minor Cryptocurrencies, the winners of the day have been KMDUSD surging 19.72% and BATUSD closing 4.22% higher. The worst performers of the day have been SCBTC tanking -4.35% and PIVXBTC closing -4.06% lower. Read more

Market Conditions for KMDBTC as at Nov 09, 2019

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