KMDBTC breaks below Friday's low
Komodo/Bitcoin Index (KMDBTC) Technical Analysis Report for Aug 01, 2020 | by Techniquant Editorial Team
Moving lower for the 2nd day in a row, KMDBTC finished Saturday at 0.0000558 losing BTC0.0000011 (-1.93%). Today's close at 0.0000558 marks the lowest recorded closing price since May 17th. Closing below Friday's low at 0.0000562, KMD confirmed its breakout through the prior session low after trading up to BTC0.0000014 below it intraday.
Daily Candlestick Chart (KMDBTC as at Aug 01, 2020):
Saturday's trading range has been BTC0.0000023 (4.04%), that's below the last trading month's daily average range of BTC0.0000042. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for KMDBTC.
Prices are trading close to the key technical support level at 0.0000542 (S1).
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 0.0000545 where further sell stops might get activated. With prices trading close to this year's low at 0.0000493, downside momentum could accelerate should KMD/BTC break out to new lows for the year.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the Technical Indicators based market condition "RSI(2) below 20" stand out. While it is usually interpreted as bullish, it has actually shown to be bearish for KMD/BTC. Out of 150 times, KMDBTC closed lower 60.00% 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 56.67% with an average market move of 2.99%.
With seven out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are XRPUSD gaining 12.04% and ETHUSD closing 11.71% higher. None of the markets ended the day in the red. Looking at the other Minor Cryptocurrencies, the winners of the day have been ZECUSD surging 19.59% and DOGEUSD closing 15.6% higher. The worst performers of the day have been STRATBTC tanking -4.08% and ARDRBTC closing -4.0% lower. Read more