LSKBTC finds buyers at key support level
Lisk/Bitcoin Index (LSKBTC) Technical Analysis Report for Mar 16, 2019 | by Techniquant Editorial Team
Moving lower for the 2nd day in a row, LSKBTC ended Saturday at 0.000382 losing BTC0.000012 (-3.05%).
Daily Candlestick Chart (LSKBTC as at Mar 16, 2019):
Saturday's trading range has been BTC0.000025 (6.36%), that's slightly above the last trading month's daily average range of BTC0.000019. Weekly volatility is also higher, being way above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for LSKBTC.
After trading down to 0.000370 earlier during the day, the market bounced off the key technical support level at 0.000380 (S1). The failure to close below the support could increase that levels significance as support going forward. When prices bounced off a significant support level the last time on March 11th, LSKBTC gained 7.49% on the following trading day.
Crossing below the upper Bollinger Band, prices have lost at least some of their upward momentum in the short-term and might now be heading back down towards the mean of the Bollinger Bands at 0.000337.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the three market conditions that our pattern recognition engine identified today, the statistics for the Technical Indicators based market condition "Close crossed below the upper Bollinger Band" stand out. Its common bearish interpretation has been confirmed for LSK/BTC. Out of 21 times, LSKBTC closed lower 57.14% 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 66.67% with an average market move of -3.93%.
With seven out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are BCHUSD gaining 8.19% and LTCUSD closing 4.83% higher. None of the markets ended the day in the red. Looking at the other Minor Cryptocurrencies, the winners of the day have been BCHBTC surging 5.72% and LTCGBP closing 5.01% higher. The worst performers of the day have been SCBTC tanking -5.56% and KMDBTC closing -5.06% lower. Read more