NEOBTC breaks above 200-day moving average for the first time since April 10th
NEO/Bitcoin Index (NEOBTC) Technical Analysis Report for Nov 10, 2019 | by Techniquant Editorial Team
NEOBTC ended Sunday at 0.00122 gaining BTC0.00001 (0.83%). Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range.
Daily Candlestick Chart (NEOBTC as at Nov 10, 2019):
Sunday's trading range has been BTC0.00005 (4.13%), that's slightly 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 0.00126 where it has been caught now for the whole last trading week.
Two candlestick patterns are matching today's price action, the Last Engulfing Top Pattern and the Shooting Star which are both known as bearish patterns. The last time a Shooting Star showed up on October 28th, NEOBTC lost -2.54% on the following trading day.
NEO/BTC managed to close above the 200-day moving average at 0.00121 for the first time since April 10th.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying could accelerate should prices move above the close-by swing high at 0.00126 where further buy stops might get triggered. Selling could speed up should prices move below the nearby swing low at 0.00117 where further sell stops might get activated.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Last Engulfing Top Pattern" stand out. Its common bearish interpretation has been confirmed for NEO/BTC. Out of 46 times, NEOBTC closed lower 34.78% 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 71.74% with an average market move of -1.87%.
With six out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are BCHUSD gaining 3.73% and EOSUSD closing 3.16% higher. On the flipside the worst performer has been XRPUSD closing -0.14% lower. Looking at the other Minor Cryptocurrencies, the winners of the day have been XLMUSD surging 8.52% and VETBTC closing 6.78% higher. The worst performers of the day have been KMDBTC tanking -9.82% and KMDUSD closing -7.06% lower. Read more