NANOBTC closes lower for the 2nd day in a row
Nano/Bitcoin Index (NANOBTC) Technical Analysis Report for Mar 16, 2019 | by Techniquant Editorial Team
Moving lower for the 2nd day in a row, NANOBTC ended Saturday at 0.000252 losing BTC0.000005 (-1.95%). Trading BTC0.000004 higher after the open, the cryptocurrency was unable to hold its gains as the bears took control ending the day below its opening price. Closing below Friday's low at 0.000256, NANO/BTC confirmed its breakout through the previous session low after trading up to BTC0.000006 below it intraday.
Daily Candlestick Chart (NANOBTC as at Mar 16, 2019):
Saturday's trading range has been BTC0.000011 (4.28%), that's slightly below the last trading month's daily average range of BTC0.000018. Things look different on the weekly timeframe, where the market's trading range of the last week has been way above the market's average weekly trading range. The longer-term, monthly volatility is currently just the same than usual for NANOBTC.
One bullish candlestick pattern matches today's price action, the Bullish Hikkake Pattern.
Prices are trading close to the key technical support level at 0.000242 (S1). Unable to break through the key technical resistance level at 0.000261 (R1), Nano closed below it after spiking up to 0.000261 earlier during the day. The failure to close above the resistance could increase that levels significance going forward. After having been unable to move above 0.000264 in the prior session, the market ran into sellers again around the same price level today, failing to move higher than 0.000261. The last time this happened on March 7th, NANOBTC lost -1.32% on the following trading day.
NANOBTC shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish.
With prices trading close to this year's low at 0.000218, downside momentum might accelerate should the cryptocurrency break out to new lows for the year.
Among the eight market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bullish Hikkake Pattern" stand out. Though it is usually interpreted as bullish, it has actually shown to be bearish for NANO/BTC. Out of 19 times, NANOBTC closed lower 57.89% 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 78.95% with an average market move of -2.66%.
With seven out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are BCHUSD gaining 8.19% and LTCUSD closing 4.83% higher. None of the markets ended the day in the red. Looking at the other Minor Cryptocurrencies, the winners of the day have been BCHBTC surging 5.72% and LTCGBP closing 5.01% higher. The worst performers of the day have been SCBTC tanking -5.56% and KMDBTC closing -5.06% lower. Read more