LSKBTC climbs to highest close since May 4th
Lisk/Bitcoin Index (LSKBTC) Technical Analysis Report for May 23, 2020 | by Techniquant Editorial Team
Moving higher for the 4th day in a row, LSKBTC ended Saturday at 0.000135 gaining BTC0.000005 (3.85%) on high volume. Today's close at 0.000135 marks the highest recorded closing price since May 4th.
Daily Candlestick Chart (LSKBTC as at May 23, 2020):
Saturday's trading range has been BTC0.000008 (6.15%), that's above the last trading month's daily average range of BTC0.000006. Weekly volatility is also higher, being slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for LSKBTC.
One bullish candlestick pattern matches today's price action, the White Candle.
After spiking up to 0.000137 during the day, LSK/BTC found resistance at the 50-day moving average at 0.000136. The last time this happened on April 27th, LSKBTC actually gained 9.33% on the following trading day.
While the market is experiencing a short-term uptrend, this might just be a correction, as both the medium and long-term trends are still bearish.
Among the three market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bearish Bounce off SMA 50" stand out. Its common bearish interpretation has been confirmed for LSK/BTC. Out of 39 times, LSKBTC closed lower 53.85% 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 six trading days, showing a win rate of 64.10% with an average market move of 0.51%.
With five out of the seven Major Cryptocurrencies closing lower today, the ones that stand out on the negative side are EOSUSD losing -1.16% and LTCUSD closing -0.81% lower. On the flipside the best performers have been ETCUSD closing 1.55% higher and BTCUSD gaining 0.23%. Looking at the other Minor Cryptocurrencies, the winners of the day have been BCNUSD surging 10.84% and XVGUSD closing 5.05% higher. The worst performers of the day have been HSRBTC tanking -9.88% and ARDRBTC closing -9.27% lower. Read more