NANOBTC closes within previous day's range
Nano/Bitcoin Index (NANOBTC) Technical Analysis Report for Nov 22, 2020 | by Techniquant Editorial Team
NANOBTC finished Sunday at 0.000046 flat on high volume. Closing within the previous day's range, prices missed to decisively move beyond the prior day's trading range.
Daily Candlestick Chart (NANOBTC as at Nov 22, 2020):
Sunday's trading range has been BTC0.000007 (15.22%), that's far above the last trading month's daily average range of BTC0.000004. Weekly volatility is also higher, being above the market's average weekly trading range. The longer-term, monthly volatility is currently lower than usual for NANOBTC.
Four candlestick patterns are matching today's price action, the Gravestone Doji, the Northern Doji and the Shooting Star which are known as bearish patterns and one neutral pattern, the Doji. The last time a Doji showed up on Friday, NANOBTC gained 12.20% on the following trading day.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Among the five 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 21 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 10 trading days, showing a win rate of 71.43% with an average market move of -2.37%.