NANOBTC closes higher for the 2nd day in a row
Nano/Bitcoin Index (NANOBTC) Technical Analysis Report for Dec 08, 2018 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, NANOBTC finished Saturday at 0.000249 edging higher BTC0.000001 (0.4%). Closing within the previous day's range, prices missed to decisively move beyond the prior day's trading range in a lackluster session.
Daily Candlestick Chart (NANOBTC as at Dec 08, 2018):
Saturday's trading range has been BTC0.000013 (5.24%), that's below the last trading month's daily average range of BTC0.000018. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently just the same than usual for NANOBTC. Prices continued to consolidate within a tight trading range between 0.000235 and 0.000257 where it has been caught now for the whole last trading week.
One bullish candlestick pattern matches today's price action, the Bullish Spinning Top. The last time a Bullish Spinning Top showed up on November 29th, NANOBTC actually lost -3.10% on the following trading day.
Prices are trading close to the key technical support level at 0.000241 (S1). After having been unable to move above 0.000257 in the previous session, Nano ran into sellers again around the same price level today, missing to move higher than 0.000257.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Buying might accelerate should prices move above the nearby swing high at 0.000264 where further buy stops could get activated. Selling might speed up should prices move below the close-by swing low at 0.000235 where further sell stops could get triggered. Further selling might move prices lower should the market test November's nearby low at 0.000223.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "2 Consecutive Higher Closes" stand out. Although it is usually interpreted as bullish, it has actually shown to be bearish for NANO/BTC. Out of 16 times, NANOBTC closed lower 62.50% 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 87.50% with an average market move of 2.07%.
With four out of the seven Major Cryptocurrencies closing lower today, the ones that stand out on the negative side are BCHUSD losing -4.7% and LTCUSD closing -1.04% lower. On the flipside the best performers have been EOSUSD closing 6.86% higher and XRPUSD gaining 2.28%. Looking at the other Minor Cryptocurrencies, the winners of the day have been BTCCNY surging 21.7% and ETHCNY closing 18.49% higher. The worst performers of the day have been BCHBTC tanking -6.69% and IOTBTC closing -4.13% lower. Read more