KMDUSD dominated by bulls lifting the market higher throughout the day
Komodo/US Dollar Index (KMDUSD) Technical Analysis Report for Nov 09, 2019 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, KMDUSD finished Saturday at 0.85 surging $0.14 (19.72%) on high volume. This is the biggest single-day gain in over four months. The last time we've seen such an unusually strong single-day gain on November 4th, KMDUSD gained 7.35% on the following trading day. Today's close at 0.85 marks the highest recorded closing price since August 23rd. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Friday's high at 0.72, KMD/USD confirmed its breakout through the prior session high after trading up to $0.14 above it intraday.
Daily Candlestick Chart (KMDUSD as at Nov 09, 2019):
Saturday's trading range has been $0.16 (22.54%), that's far above the last trading month's daily average range of $0.06. Weekly volatility is also higher, being way above the market's average weekly trading range. The longer-term, monthly volatility is currently higher than usual for KMDUSD.
One bullish candlestick pattern matches today's price action, the White Candle.
Buyers managed to take out the key technical resistance level at 0.81 (now S1), which is likely to act as support going forward. Prices are trading close to the key technical resistance level at 0.89 (R1).
Crossing above the upper Bollinger Band for the first time since Wednesday, prices have shown unusually strong upward momentum in the short-term. This might either indicate a potential buying climax after which prices could head back down towards the mean of the Bollinger Bands at 0.60 or signal the beginning of a strong momentum breakout leading to even higher prices.
While still in a long-term downtrend, the short and medium-term trends both turned bullish already.
Among the 13 market conditions that our pattern recognition engine identified today, the statistics for the Technical Indicators based market condition "RSI(2) above 80" stand out. Its common bearish interpretation has been confirmed for KMD/USD. Out of 99 times, KMDUSD closed lower 52.53% of the time on the next trading day after the market condition occurred.
With five out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are LTCUSD gaining 2.57% and BCHUSD closing 1.29% higher. On the flipside the worst performers have been ETCUSD closing -0.8% lower and BTCUSD losing -0.16%. Looking at the other Minor Cryptocurrencies, the winners of the day have been KMDBTC surging 19.83% and BATUSD closing 4.22% higher. The worst performers of the day have been SCBTC tanking -4.35% and PIVXBTC closing -4.06% lower. Read more