NANOBTC surges, gaining BTC0.000005 (12.2%) within a single day on high volume
Nano/Bitcoin Index (NANOBTC) Technical Analysis Report for Nov 21, 2020 | by Techniquant Editorial Team
NANOBTC finished Saturday at 0.000046 surging BTC0.000005 (12.2%) on high volume. This is the biggest single-day gain in over a month. The last time we've seen such an unusually strong single-day gain on October 9th, NANOBTC actually lost -2.70% on the following trading day. The bulls were in full control today, moving the market higher throughout the whole session. Ending with a strong close near the high of the day sets a bullish note for the next session.
Daily Candlestick Chart (NANOBTC as at Nov 21, 2020):
Saturday's trading range has been BTC0.000007 (17.07%), that's far above the last trading month's daily average range of BTC0.000004. Weekly volatility is also higher, being slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently lower than usual for NANOBTC.
Despite a weak opening the market managed to close above the previous day's open and close, forming a bullish Engulfing Candle. Additionally, one bullish candlestick pattern matches today's price action, the White Candle.
After spiking up to 0.000047 during the day, Nano found resistance at the 20-day moving average at 0.000047.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Among the nine market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Up Close near high of period" stand out. Although it is usually interpreted as bullish, it has actually shown to be bearish for NANO/BTC. Out of 101 times, NANOBTC closed lower 64.36% 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 62.38% with an average market move of -0.82%.