LSKBTC breaks back below 200-day moving average
Lisk/Bitcoin Index (LSKBTC) Technical Analysis Report for Jun 01, 2020 | by Techniquant Editorial Team
LSKBTC ended Monday at 0.000122 losing BTC0.000005 (-3.94%). Trading BTC0.000004 higher after the open, LSK was unable to hold its gains as the bears took control ending the day below its opening price. Ending with a weak close near the low of the day sets a bearish note for the next session.
Daily Candlestick Chart (LSKBTC as at Jun 01, 2020):
Monday's trading range has been BTC0.000010 (7.87%), that's far above the last trading month's daily average range of BTC0.000006. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly below 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 Last Engulfing Bottom Pattern.
LSK/BTC closed back below the 200-day moving average at 0.000123 for the first time since May 20th. After having been unable to move above 0.000132 in the prior session, the cryptocurrency ran into sellers again around the same price level today, missing to move higher than 0.000131. The last time this happened on May 27th, LSKBTC lost -3.01% on the following trading day.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Further selling might move prices lower should the market test May's nearby low at 0.000115.
Among the eight 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 71 times, LSKBTC closed lower 50.70% 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 66.20% with an average market move of -4.60%.
With seven out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are BTCUSD gaining 8.05% and ETHUSD closing 7.11% higher. None of the markets ended the day in the red. Looking at the other Minor Cryptocurrencies, the winners of the day have been LTCGBP surging 18.45% and NEOUSD closing 13.82% higher. The worst performers of the day have been STEEMBTC tanking -9.09% and XVGBTC closing -6.67% lower. Read more