KMDBTC closes below its opening price unable to hold early session gains

Komodo/Bitcoin Index (KMDBTC) Technical Analysis Report for Oct 18, 2020 | by Techniquant Editorial Team


KMDBTC falls to lowest close since March 14, 2017
KMDBTC runs into sellers around 0.0000466 for the third day in a row
KMDBTC closes below its opening price unable to hold early session gains
KMDBTC closes lower for the 2nd day in a row
KMDBTC closes within previous day's range after lackluster session


Moving lower for the 2nd day in a row, KMDBTC ended Sunday at 0.0000459 losing BTC0.0000001 (-0.22%). Today's close at 0.0000459 marks the lowest recorded closing price since March 14, 2017. Trading BTC0.0000006 higher after the open, KMD/BTC was unable to hold its gains as the bears took control ending the day below its opening price. The last time this happened on Wednesday, KMDBTC lost -4.15% on the following trading day. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range in a lackluster session.

Daily Candlestick Chart (KMDBTC as at Oct 18, 2020):

Daily technical analysis candlestick chart for Komodo/Bitcoin Index (KMDBTC) as at Oct 18, 2020

Sunday's trading range has been BTC0.0000009 (1.96%), 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.

Two candlestick patterns are matching today's price action, the Tweezer Bottom which is known as bullish pattern and one bearish pattern, the Bearish Spinning Top.

The cryptocurrency ran into sellers again today around 0.0000466 for the third trading day in a row after having found sellers at 0.0000466 in the previous session and at 0.0000464 two days ago.

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 0.0000454 where further sell stops might get activated.

Among the eight market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bearish Spinning Top" stand out. Its common bearish interpretation has been confirmed for KMD/BTC. Out of 130 times, KMDBTC closed lower 50.00% 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 68.46% with an average market move of -1.69%.

With six out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are ETHUSD gaining 2.69% and BCHUSD closing 1.76% higher. On the flipside the worst performer has been ETCUSD closing -0.36% lower. Looking at the other Minor Cryptocurrencies, the winners of the day have been BCNUSD surging 13.16% and VETBTC closing 5.15% higher. The worst performers of the day have been WAVESBTC tanking -5.27% and WAVESUSD closing -4.08% lower. Read more

Market Conditions for KMDBTC as at Oct 18, 2020

Loading Market Conditions for KMDBTC (Komodo/Bitcoin Index)...
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