NEOBTC finds support at 200-day moving average
NEO/Bitcoin Index (NEOBTC) Technical Analysis Report for Mar 16, 2019 | by Techniquant Editorial Team
Moving lower for the 2nd day in a row, NEOBTC finished Saturday at 0.00234 edging lower BTC0.00001 (-0.43%). Trading BTC0.00006 higher after the open, the market was unable to hold its gains as the bears took control ending the day below its opening price. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Daily Candlestick Chart (NEOBTC as at Mar 16, 2019):
Saturday's trading range has been BTC0.00010 (4.26%), that's slightly above the last trading month's daily average range of BTC0.00009. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for NEOBTC.
In a volatile session, prices traded above the prior day's high as well as below the previous day's low, forming a bearish Outside Bar. Additionally, one bearish candlestick pattern matches today's price action, the Bearish Spinning Top.
After trading as low as 0.00231 during the day, the cryptocurrency found support at the 200-day moving average at 0.00232. The last time this happened on April 10, 2018, NEOBTC gained 9.95% on the following trading day. NEO ran into sellers again today around 0.00241 for the third trading day in a row after having found sellers at 0.00240 in the prior session and at 0.00240 two days ago.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the eight market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bearish Outside Bar" stand out. Though it is usually interpreted as bearish, it has actually shown to be bullish for NEO/BTC. Out of 21 times, NEOBTC closed higher 52.38% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 66.67% with an average market move of 17.54%.
With seven out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are BCHUSD gaining 8.19% and LTCUSD closing 4.83% higher. None of the markets ended the day in the red. Looking at the other Minor Cryptocurrencies, the winners of the day have been BCHBTC surging 5.72% and LTCGBP closing 5.01% higher. The worst performers of the day have been SCBTC tanking -5.56% and KMDBTC closing -5.06% lower. Read more