NANOBTC runs into sellers again around 0.000109
Nano/Bitcoin Index (NANOBTC) Technical Analysis Report for May 23, 2020 | by Techniquant Editorial Team
NANOBTC finished Saturday at 0.000104 flat. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range.
Daily Candlestick Chart (NANOBTC as at May 23, 2020):
Saturday's trading range has been BTC0.000009 (8.65%), that's slightly above the last trading month's daily average range of BTC0.000008. Weekly volatility is also higher, being way above the market's average weekly trading range. The longer-term, monthly volatility is currently higher than usual for NANOBTC.
Four candlestick patterns are matching today's price action, the Northern Doji which is known as bearish pattern and three neutral patterns, the Doji, the Long-Legged Doji and the Rickshaw-Man.
After trading down to 0.000100 earlier during the day, NANO/BTC bounced off the key technical support level at 0.000101 (S1). The failure to close below the support might increase that levels importance as support going forward. When prices bounced off a significant support level the last time on Thursday, NANOBTC gained 14.29% on the following trading day. After having been unable to move above 0.000108 in the prior session, the market ran into sellers again around the same price level today, failing to move higher than 0.000109.
With another close above the upper Bollinger Band, prices are confirming their strong upward momentum in the short-term. A drop back into the Bollinger Band on the next trading day while could signal a potential change in momentum that might lead to a correction back down towards the center of the Bollinger Bands at 0.000078.
Though still in a long-term downtrend, the short and medium-term trends both turned bullish already.
Among the seven market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Northern Doji" stand out. Its common bearish interpretation has been confirmed for NANO/BTC. Out of 14 times, NANOBTC closed lower 71.43% 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 two trading days, showing a win rate of 64.29% with an average market move of -0.94%.
With five out of the seven Major Cryptocurrencies closing lower today, the ones that stand out on the negative side are EOSUSD losing -1.16% and LTCUSD closing -0.81% lower. On the flipside the best performers have been ETCUSD closing 1.55% higher and BTCUSD gaining 0.23%. Looking at the other Minor Cryptocurrencies, the winners of the day have been BCNUSD surging 10.84% and XVGUSD closing 5.05% higher. The worst performers of the day have been HSRBTC tanking -9.88% and ARDRBTC closing -9.27% lower. Read more