KMDBTC slides to lowest close since March 14, 2017
Komodo/Bitcoin Index (KMDBTC) Technical Analysis Report for Oct 17, 2020 | by Techniquant Editorial Team
KMDBTC finished Saturday at 0.0000460 losing BTC0.0000003 (-0.65%). Today's close at 0.0000460 marks the lowest recorded closing price since March 14, 2017. 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 Oct 17, 2020):
Saturday's trading range has been BTC0.0000009 (1.94%), that's below the last trading month's daily average range of BTC0.0000016. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for KMDBTC.
In a volatile session, prices traded above the prior day's high as well as below the previous day's low, forming a bearish Outside Bar. The last time this happened on Wednesday, KMDBTC lost -4.15% on the following trading day. Additionally, one bullish candlestick pattern matches today's price action, the Last Engulfing Bottom Pattern.
After having been unable to move above 0.0000464 in the prior session, KMD ran into sellers again around the same price level today, missing to move higher than 0.0000466.
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 nearby swing low at 0.0000454 where further sell stops could get triggered.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the Technical Indicators based market condition "RSI(14) below 30" stand out. Its common bullish interpretation has been confirmed for KMD/BTC. Out of 16 times, KMDBTC closed higher 56.25% 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 62.50% with an average market move of 20.02%.
With four out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are ETHUSD gaining 0.81% and BTCUSD closing 0.37% higher. On the flipside the worst performers have been BCHUSD closing -2.05% lower and LTCUSD losing -1.43%. Looking at the other Minor Cryptocurrencies, the winners of the day have been WAVESUSD surging 8.14% and WAVESBTC closing 7.59% higher. The worst performers of the day have been BCNUSD tanking -10.94% and BCHBTC closing -2.26% lower. Read more