KMDBTC rises to highest close since April 28th
Komodo/Bitcoin Index (KMDBTC) Technical Analysis Report for May 23, 2020 | by Techniquant Editorial Team
Moving higher for the 4th day in a row, KMDBTC ended Saturday at 0.0000654 gaining BTC0.0000006 (0.93%). Today's close at 0.0000654 marks the highest recorded closing price since April 28th. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Daily Candlestick Chart (KMDBTC as at May 23, 2020):
Saturday's trading range has been BTC0.0000041 (6.33%), that's slightly below the last trading month's daily average range of BTC0.0000044. 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 lower than usual for KMDBTC.
Two candlestick patterns are matching today's price action, the Bullish High-Wave Candle and the Bullish Spinning Top which are both known as bullish patterns.
The cryptocurrency managed to close above the 100-day moving average at 0.0000649 for the first time since April 28th. When this moving average was crossed above the last time on April 15th, KMDBTC gained 26.81% on the following trading day. Unable to break through the key technical resistance level at 0.0000667 (R1), KMD closed below it after spiking up to 0.0000677 earlier during the day. The failure to close above the resistance could increase that levels significance going forward.
With another close above the upper Bollinger Band, prices are confirming their strong upward momentum in the short-term. A drop back into the Bollinger Band on the next trading day while might signal a potential change in momentum that could lead to a correction back down towards the center of the Bollinger Bands at 0.0000587.
Though still in a long-term downtrend, the short and medium-term trends both turned bullish already.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bullish High-Wave Candle" stand out. Its common bullish interpretation has been confirmed for KMD/BTC. Out of 24 times, KMDBTC closed higher 66.67% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 58.33% with an average market move of 3.84%.
With five out of the seven Major Cryptocurrencies closing lower today, the ones that stand out on the negative side are EOSUSD losing -1.16% and LTCUSD closing -0.81% lower. On the flipside the best performers have been ETCUSD closing 1.55% higher and BTCUSD gaining 0.23%. Looking at the other Minor Cryptocurrencies, the winners of the day have been BCNUSD surging 10.84% and XVGUSD closing 5.05% higher. The worst performers of the day have been HSRBTC tanking -9.88% and ARDRBTC closing -9.27% lower. Read more