NANOBTC closes higher for the 2nd day in a row
Nano/Bitcoin Index (NANOBTC) Technical Analysis Report for Nov 09, 2019 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, NANOBTC finished Saturday at 0.000111 gaining BTC0.000001 (0.91%). Today's close at 0.000111 marks the highest recorded closing price since August 1st. 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 Nov 09, 2019):
Saturday's trading range has been BTC0.000004 (3.64%), that's below the last trading month's daily average range of BTC0.000006. 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 slightly higher than usual for NANOBTC.
During the whole day, prices traded within the previous day's range, unable to trade above the prior day's high or below the previous day's low forming an Inside Bar.
Prices are trading close to the key technical support level at 0.000107 (S1). Unable to break through the key technical resistance level at 0.000113 (R1), NANO/BTC closed below it after spiking up to 0.000113 earlier during the day. The failure to close above the resistance could increase that levels importance going forward. After having been unable to move above 0.000114 in the prior session, the cryptocurrency ran into sellers again around the same price level today, failing to move higher than 0.000113. The last time this happened on Thursday, NANOBTC actually gained 0.92% on the following trading day.
Although still in a long-term downtrend, the short and medium-term trends both turned bullish already.
Buying might speed up should prices move above the close-by swing high at 0.000117 where further buy stops could get triggered.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "2 Consecutive Higher Closes" stand out. While it is usually interpreted as bullish, it has actually shown to be bearish for NANO/BTC. Out of 50 times, NANOBTC closed lower 62.00% 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 68.00% with an average market move of -0.42%.
With five out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are LTCUSD gaining 2.57% and BCHUSD closing 1.29% higher. On the flipside the worst performers have been ETCUSD closing -0.8% lower and BTCUSD losing -0.16%. Looking at the other Minor Cryptocurrencies, the winners of the day have been KMDBTC surging 19.83% and KMDUSD closing 19.72% higher. The worst performers of the day have been SCBTC tanking -4.35% and PIVXBTC closing -4.06% lower. Read more