LSKBTC closes below its opening price unable to hold early session gains


Lisk/Bitcoin Index (LSKBTC) Technical Analysis Report for Nov 22, 2020 | by Techniquant Editorial Team

Highlights

LSKBTC breaks back below 20-day moving average
LSKBTC closes below its opening price unable to hold early session gains
LSKBTC closes within previous day's range

Overview

LSKBTC ended Sunday at 0.000067 losing BTC0.000003 (-4.29%). Trading BTC0.000003 higher after the open, the cryptocurrency was unable to hold its gains as the bears took control ending the day below its opening price. The last time this happened on Friday, LSKBTC actually gained 9.38% on the following trading day. Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range.

Daily Candlestick Chart (LSKBTC as at Nov 22, 2020):

Daily technical analysis candlestick chart for Lisk/Bitcoin Index (LSKBTC) as at Nov 22, 2020

Sunday's trading range has been BTC0.000007 (10.0%), that's 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.

The market closed back below the 20-day moving average at 0.000069.

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 Support/Resistance based market condition "Bearish Break through SMA 20" stand out. Its common bearish interpretation has been confirmed for LSK/BTC. Out of 77 times, LSKBTC closed lower 49.35% 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 66.23% with an average market move of -4.49%.


Market Conditions for LSKBTC as at Nov 22, 2020

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