LSKBTC finds buyers again around 0.000093
Lisk/Bitcoin Index (LSKBTC) Technical Analysis Report for Oct 17, 2020 | by Techniquant Editorial Team
LSKBTC finished Saturday at 0.000094 flat. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range in a lackluster session.
Daily Candlestick Chart (LSKBTC as at Oct 17, 2020):
Saturday's trading range has been BTC0.000002 (2.13%), that's far below the last trading month's daily average range of BTC0.000004. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for LSKBTC.
Three candlestick patterns are matching today's price action, the Southern Doji and the Tweezer Bottom which are both known as bullish patterns and one neutral pattern, the Doji.
After having been unable to move lower than 0.000093 in the previous session, the market found buyers again around the same price level today at 0.000093. The last time this happened on October 11th, LSKBTC actually lost -3.85% on the following trading day.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Tweezer Bottom" stand out. Although it is usually interpreted as bullish, it has actually shown to be bearish for LSK/BTC. Out of 85 times, LSKBTC closed lower 58.82% 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 64.71% with an average market move of -5.02%.
With four out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are ETHUSD gaining 0.81% and BTCUSD closing 0.37% higher. On the flipside the worst performers have been BCHUSD closing -2.05% lower and LTCUSD losing -1.43%. Looking at the other Minor Cryptocurrencies, the winners of the day have been WAVESUSD surging 8.14% and WAVESBTC closing 7.59% higher. The worst performers of the day have been BCNUSD tanking -10.94% and BCHBTC closing -2.26% lower. Read more