KMDUSD stuck within tight trading range
Komodo/US Dollar Index (KMDUSD) Technical Analysis Report for Nov 10, 2018 | by Techniquant Editorial Team
KMDUSD ended Saturday at 1.19 gaining $0.02 (1.71%). Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range in a lackluster session.
Daily Candlestick Chart (KMDUSD as at Nov 10, 2018):
Saturday's trading range has been $0.04 (3.39%), that's below the last trading month's daily average range of $0.07. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for KMDUSD. Prices continued to consolidate within a tight trading range between 1.17 and 1.23 where it has been caught now for the last three trading days.
After moving lower in the prior session, KMD managed to close higher but below the previous day's open, forming a bullish Harami Candle. Additionally, one bullish candlestick pattern matches today's price action, the Tweezer Bottom.
After having been unable to move lower than 1.17 in the prior session, the cryptocurrency found buyers again around the same price level today at 1.17. The last time this happened on November 4th, KMDUSD actually lost -3.88% on the following trading day.
KMD/USD shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend still being bullish.
Among the three market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Tweezer Bottom" stand out. Though it is usually interpreted as bullish, it has actually shown to be bearish for KMD/USD. Out of 30 times, KMDUSD closed lower 46.67% 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 five trading days, showing a win rate of 50.00% with an average market move of 6.26%.
With six out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are BCHUSD gaining 1.7% and ETHUSD closing 1.26% higher. On the flipside the worst performer has been ETCUSD closing -0.11% lower. Looking at the other Minor Cryptocurrencies, the winners of the day have been XEMUSD surging 5.34% and DOGEUSD closing 3.88% higher. The worst performers of the day have been ZECUSD tanking -2.84% and ZECBTC closing -2.72% lower. Read more