LSKBTC dominated by bulls lifting the market higher throughout the day
Lisk/Bitcoin Index (LSKBTC) Technical Analysis Report for Nov 09, 2019 | by Techniquant Editorial Team
LSKBTC finished Saturday at 0.000087 gaining BTC0.000001 (1.16%) on low volume. The bulls were in full control today, moving the market higher throughout the whole session. Ending with a strong close near the high of the day sets a bullish note for the next session.
Daily Candlestick Chart (LSKBTC as at Nov 09, 2019):
Saturday's trading range has been BTC0.000001 (1.16%), that's far below the last trading month's daily average range of BTC0.000004. 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 LSKBTC. Prices continued to consolidate within a tight trading range between 0.000084 and 0.000088 where it has been caught now for the whole last trading week.
In spite of a weak opening the cryptocurrency managed to close above the previous day's open and close, forming a bullish Engulfing Candle. The last time this candlestick pattern showed up on Tuesday, LSKBTC gained 2.33% on the following trading day. Additionally, two candlestick patterns are matching today's price action, the Bullish Short Candle and the White Candle which are both known as bullish patterns.
Prices are trading close to the key technical resistance level at 0.000089 (R1). After having been unable to move above 0.000087 in the prior session, the market ran into sellers again around the same price level today, missing to move higher than 0.000087.
Although LSK/BTC is experiencing a short-term uptrend, this could just be a correction, as both the medium and long-term trends are still bearish.
Buying might accelerate should prices move above the nearby swing high at 0.000090 where further buy stops could get triggered. Selling might speed up should prices move below the close-by swing low at 0.000083 where further sell stops could get activated.
Among the nine market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Up Close near high of period" stand out. Though it is usually interpreted as bullish, it has actually shown to be bearish for LSK/BTC. Out of 153 times, LSKBTC closed lower 56.21% 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 four trading days, showing a win rate of 63.40% with an average market move of 0.41%.
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 KMDUSD closing 19.72% higher. The worst performers of the day have been SCBTC tanking -4.35% and PIVXBTC closing -4.06% lower. Read more