NEOBTC closes within previous day's range after lackluster session
NEO/Bitcoin Index (NEOBTC) Technical Analysis Report for Nov 09, 2019 | by Techniquant Editorial Team
NEOBTC ended Saturday at 0.00121 flat on low volume. 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 (NEOBTC as at Nov 09, 2019):
Saturday's trading range has been BTC0.00004 (3.31%), that's below the last trading month's daily average range of BTC0.00008. Weekly volatility is also lower, being way below the market's average weekly trading range. The longer-term, monthly volatility is currently higher than usual for NEOBTC. Prices continued to consolidate within a tight trading range between 0.00117 and 0.00124 where it has been caught now for the whole last trading week.
Notwithstanding a strong opening the cryptocurrency closed below the prior day's open and close, forming a bearish Engulfing Candle. The last time this candlestick pattern showed up on October 25th, NEOBTC actually gained 10.00% on the following trading day. Additionally, four candlestick patterns are matching today's price action, the Gravestone Doji, the Last Engulfing Top Pattern and the Northern Doji which are known as bearish patterns and one neutral pattern, the Doji.
Unable to break through the key technical resistance level at 0.00122 (R1), NEO/BTC closed below it after spiking up to 0.00124 earlier during the day. The failure to close above the resistance might increase that levels significance going forward.
Though the market is currently in a short-term downtrend, this could just be a correction, as both the medium and long-term trends are still bullish.
Buying might accelerate should prices move above the close-by swing high at 0.00126 where further buy stops could get triggered. Selling might speed up should prices move below the nearby swing low at 0.00117 where further sell stops could get activated.
Among the eight 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 NEO/BTC. Out of 36 times, NEOBTC closed lower 55.56% 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 63.89% with an average market move of -4.29%.
With five out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are LTCUSD gaining 2.57% and BCHUSD closing 1.29% higher. On the flipside the worst performers have been ETCUSD closing -0.8% lower and BTCUSD losing -0.16%. Looking at the other Minor Cryptocurrencies, the winners of the day have been KMDBTC surging 19.83% and KMDUSD closing 19.72% higher. The worst performers of the day have been SCBTC tanking -4.35% and PIVXBTC closing -4.06% lower. Read more