NANOBTC pushes through key technical resistance level
Nano/Bitcoin Index (NANOBTC) Technical Analysis Report for Nov 10, 2019 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, NANOBTC finished Sunday at 0.000116 gaining BTC0.000005 (4.5%). Today's close at 0.000116 marks the highest recorded closing price since July 31st. Closing above Saturday's high at 0.000113, the cryptocurrency confirmed its breakout through the previous session high after trading up to BTC0.000008 above it intraday.
Daily Candlestick Chart (NANOBTC as at Nov 10, 2019):
Sunday's trading range has been BTC0.000011 (9.91%), that's far above the last trading month's daily average range of BTC0.000007. Weekly volatility is also higher, being slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for NANOBTC.
One bearish candlestick pattern matches today's price action, the Bearish Hikkake Pattern. The last time a Bearish Hikkake Pattern showed up on October 28th, NANOBTC actually gained 3.37% on the following trading day.
Buyers managed to take out the key technical resistance level at 0.000113 (now S1), which is likely to act as support going forward. After having been unable to move lower than 0.000109 in the prior session, Nano found buyers again around the same price level today at 0.000110.
Crossing above the upper Bollinger Band for the first time since Thursday, prices have shown unusually strong upward momentum in the short-term. This could either indicate a potential buying climax after which prices might head back down towards the mean of the Bollinger Bands at 0.000098 or signal the beginning of a strong momentum breakout leading to even higher prices.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the eight market conditions that our pattern recognition engine identified today, the statistics for the Technical Indicators based market condition "RSI(14) above 70" stand out. Its common bearish interpretation has been confirmed for NANO/BTC. Out of 5 times, NANOBTC closed lower 80.00% 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 60.00% with an average market move of -2.24%.
With six out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are BCHUSD gaining 3.73% and EOSUSD closing 3.16% higher. On the flipside the worst performer has been XRPUSD closing -0.14% lower. Looking at the other Minor Cryptocurrencies, the winners of the day have been XLMUSD surging 8.52% and VETBTC closing 6.78% higher. The worst performers of the day have been KMDBTC tanking -9.82% and KMDUSD closing -7.06% lower. Read more