LSKBTC rockets, gaining BTC0.000006 (9.38%) within a single day


Lisk/Bitcoin Index (LSKBTC) Technical Analysis Report for Nov 21, 2020 | by Techniquant Editorial Team

Highlights

LSKBTC soars, gaining BTC0.000006 (9.38%) within a single day
LSKBTC breaks above 20-day moving average for the first time since September 2nd
LSKBTC pushes through Friday's high

Overview

LSKBTC finished Saturday at 0.000070 surging BTC0.000006 (9.38%). This is the biggest single-day gain in over two weeks. Closing above Friday's high at 0.000068, the market confirmed its breakout through the previous session high after trading up to BTC0.000003 above it intraday.

Daily Candlestick Chart (LSKBTC as at Nov 21, 2020):

Daily technical analysis candlestick chart for Lisk/Bitcoin Index (LSKBTC) as at Nov 21, 2020

Saturday's trading range has been BTC0.000009 (14.06%), that's far above the last trading month's daily average range of BTC0.000005. 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.

In a volatile session, prices traded above the prior day's high as well as below the previous day's low, forming a bullish Outside Bar. The last time this happened on August 20th, LSKBTC gained 7.43% on the following trading day. In spite of a weak opening the cryptocurrency managed to close above the prior day's open and close, forming a bullish Engulfing Candle. Additionally, one bullish candlestick pattern matches today's price action, the White Candle.

LSK managed to close above the 20-day moving average at 0.000069 for the first time since September 2nd.

The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.

As prices are trading close to November's high at 0.000077, upside momentum might speed up should LSK/BTC mark new highs for the month.

Among the 10 market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bullish Outside Bar" stand out. While it is usually interpreted as bullish, it has actually shown to be bearish for LSK/BTC. Out of 54 times, LSKBTC closed lower 66.67% 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 68.52% with an average market move of -6.18%.


Market Conditions for LSKBTC as at Nov 21, 2020

Loading Market Conditions for LSKBTC (Lisk/Bitcoin Index)...
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