NANOBTC closes within previous day's range after lackluster session
Nano/Bitcoin Index (NANOBTC) Technical Analysis Report for Oct 17, 2020 | by Techniquant Editorial Team
NANOBTC ended Saturday at 0.000070 flat on low volume. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range in a lackluster session.
Daily Candlestick Chart (NANOBTC as at Oct 17, 2020):
Saturday's trading range has been BTC0.000002 (2.86%), that's far below the last trading month's daily average range of BTC0.000004. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for NANOBTC. Prices continued to consolidate within a tight trading range between 0.000068 and 0.000072 where it has been caught now for the last three trading days.
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. In spite of a weak opening Nano managed to close above the prior day's open and close, forming a bullish Engulfing Candle. The last time this candlestick pattern showed up on October 8th, NANOBTC gained 8.82% on the following trading day. Additionally, three candlestick patterns are matching today's price action, the Last Engulfing Bottom Pattern and the Southern Doji which are both known as bullish patterns and one neutral pattern, the Doji.
Though the cryptocurrency is experiencing a short-term uptrend, this could just be a correction, as both the medium and long-term trends are still bearish.
With prices trading close to this year's low at 0.000063, downside momentum might speed up should NANO/BTC break out to new lows for the year.
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. Although it is usually interpreted as bullish, it has actually shown to be bearish for NANO/BTC. Out of 80 times, NANOBTC closed lower 55.00% 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 -0.95%.
With four out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are ETHUSD gaining 0.81% and BTCUSD closing 0.37% higher. On the flipside the worst performers have been BCHUSD closing -2.05% lower and LTCUSD losing -1.43%. Looking at the other Minor Cryptocurrencies, the winners of the day have been WAVESUSD surging 8.14% and WAVESBTC closing 7.59% higher. The worst performers of the day have been BCNUSD tanking -10.94% and BCHBTC closing -2.26% lower. Read more