LSKBTC closes lower for the 3rd day in a row
Lisk/Bitcoin Index (LSKBTC) Technical Analysis Report for Oct 13, 2018 | by Techniquant Editorial Team
Moving lower for the 3rd day in a row, LSKBTC finished Saturday at 0.000455 losing BTC0.000007 (-1.52%) on high volume. Today's close at 0.000455 marks the lowest recorded closing price since August 14th. Closing below Friday's low at 0.000461, the cryptocurrency confirmed its breakout through the previous session low after trading up to BTC0.000023 below it intraday.
Daily Candlestick Chart (LSKBTC as at Oct 13, 2018):
Saturday's trading range has been BTC0.000032 (6.93%), that's far above the last trading month's daily average range of BTC0.000018. Weekly volatility is also higher, being above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for LSKBTC.
Two candlestick patterns are matching today's price action, the Hammer which is known as bullish pattern and one bearish pattern, the Bearish Spinning Top. The last time a Hammer showed up on September 20th, LSKBTC actually lost -0.39% on the following trading day.
With another close below the lower Bollinger Band, prices are confirming their strong downward momentum in the short-term. A rally back into the Bollinger Band on the next trading day although might signal a potential change in momentum that could lead to a correction back up towards the center of the Bollinger Bands at 0.000493.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
With prices trading close to this year's low at 0.000410, downside momentum might speed up should LSK/BTC break out to new lows for the year.
Among the five 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 LSK/BTC. Out of 76 times, LSKBTC closed lower 64.47% 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 seven trading days, showing a win rate of 68.42% with an average market move of -0.44%.
With five out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are ETHUSD gaining 1.6% and EOSUSD closing 1.54% higher. On the flipside the worst performer has been XRPUSD closing -0.38% lower. Looking at the other Minor Cryptocurrencies, the winners of the day have been STEEMBTC surging 5.26% and SCBTC closing 4.08% higher. The worst performers of the day have been BCNUSD tanking -4.43% and BTGBTC closing -2.26% lower. Read more