LSKBTC closes within previous day's range
Lisk/Bitcoin Index (LSKBTC) Technical Analysis Report for Aug 01, 2020 | by Techniquant Editorial Team
LSKBTC finished Saturday at 0.000112 flat. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range.
Daily Candlestick Chart (LSKBTC as at Aug 01, 2020):
Saturday's trading range has been BTC0.000006 (5.36%), that's slightly below the last trading month's daily average range of BTC0.000006. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for LSKBTC.
Two candlestick patterns are matching today's price action, the Southern Doji which is known as bullish pattern and one neutral pattern, the Doji. The last time a Doji showed up on Wednesday, LSKBTC lost -0.87% on the following trading day.
Prices are trading close to the key technical support level at 0.000107 (S1).
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Buying might accelerate should prices move above the close-by swing high at 0.000118 where further buy stops could get triggered. Selling might speed up should prices move below the nearby swing low at 0.000107 where further sell stops could get activated.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Southern Doji" stand out. Although it is usually interpreted as bullish, it has actually shown to be bearish for LSK/BTC. Out of 75 times, LSKBTC closed lower 53.33% 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 58.67% with an average market move of -0.49%.
With seven out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are XRPUSD gaining 12.04% and ETHUSD closing 11.71% higher. None of the markets ended the day in the red. Looking at the other Minor Cryptocurrencies, the winners of the day have been ZECUSD surging 19.59% and DOGEUSD closing 15.6% higher. The worst performers of the day have been STRATBTC tanking -4.08% and ARDRBTC closing -4.0% lower. Read more