NANOBTC finds buyers again around 0.000081
Nano/Bitcoin Index (NANOBTC) Technical Analysis Report for Aug 01, 2020 | by Techniquant Editorial Team
NANOBTC finished Saturday at 0.000084 gaining BTC0.000002 (2.44%). Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range in a lackluster session.
Daily Candlestick Chart (NANOBTC as at Aug 01, 2020):
Saturday's trading range has been BTC0.000004 (4.88%), that's below the last trading month's daily average range of BTC0.000007. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently higher than usual for NANOBTC.
Even with a weak opening Nano managed to close above the prior day's open and close, forming a bullish Engulfing Candle. Additionally, one bullish candlestick pattern matches today's price action, the Tweezer Bottom. The last time a Tweezer Bottom showed up on July 22nd, NANOBTC actually lost -2.75% on the following trading day.
Prices are trading close to the key technical resistance level at 0.000088 (R1). After having been unable to move lower than 0.000081 in the previous session, the market found buyers again around the same price level today at 0.000081.
Although still in a long-term uptrend, the short and medium-term trends both turned bearish already.
Selling could accelerate should prices move below the nearby swing low at 0.000081 where further sell stops might get activated.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bullish Engulfing Candle" stand out. Though it is usually interpreted as bullish, it has actually shown to be bearish for NANO/BTC. Out of 75 times, NANOBTC closed lower 57.33% 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 61.33% with an average market move of -0.92%.
With seven out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are XRPUSD gaining 12.04% and ETHUSD closing 11.71% higher. None of the markets ended the day in the red. Looking at the other Minor Cryptocurrencies, the winners of the day have been ZECUSD surging 19.59% and DOGEUSD closing 15.6% higher. The worst performers of the day have been STRATBTC tanking -4.08% and ARDRBTC closing -4.0% lower. Read more