LSKBTC breaks back below 20-day moving average
Lisk/Bitcoin Index (LSKBTC) Technical Analysis Report for Dec 08, 2018 | by Techniquant Editorial Team
LSKBTC ended Saturday at 0.000349 losing BTC0.000005 (-1.41%). Trading BTC0.000007 higher after the open, LSK was unable to hold its gains as the bears took control ending the day below its opening price. The last time this happened on Thursday, LSKBTC actually gained 3.51% on the following trading day. Closing within the previous day's range, prices missed to decisively move beyond the prior day's trading range in a lackluster session.
Daily Candlestick Chart (LSKBTC as at Dec 08, 2018):
Saturday's trading range has been BTC0.000013 (3.67%), that's far below the last trading month's daily average range of BTC0.000024. 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 LSKBTC. Prices continued to consolidate within a tight trading range between 0.000337 and 0.000369 where it has been caught now for the whole last trading week.
Prices are trading close to the key technical support level at 0.000335 (S1). The cryptocurrency closed back below the 20-day moving average at 0.000350.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Buying might accelerate should prices move above the nearby swing high at 0.000369 where further buy stops could get activated. Selling might speed up should prices move below the close-by swing low at 0.000337 where further sell stops could get triggered. With prices trading close to this year's low at 0.000322, downside momentum might accelerate should the market break out to new lows for the year.
Among the seven market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bearish Break through SMA 20" stand out. Its common bearish interpretation has been confirmed for LSK/BTC. Out of 40 times, LSKBTC closed lower 52.50% 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 75.00% with an average market move of -7.06%.
With four out of the seven Major Cryptocurrencies closing lower today, the ones that stand out on the negative side are BCHUSD losing -4.7% and LTCUSD closing -1.04% lower. On the flipside the best performers have been EOSUSD closing 6.86% higher and XRPUSD gaining 2.28%. Looking at the other Minor Cryptocurrencies, the winners of the day have been BTCCNY surging 21.7% and ETHCNY closing 18.49% higher. The worst performers of the day have been BCHBTC tanking -6.69% and IOTBTC closing -4.13% lower. Read more