NEOBTC closes higher for the 3rd day in a row
NEO/Bitcoin Index (NEOBTC) Technical Analysis Report for Aug 01, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, NEOBTC finished Saturday at 0.00114 surging BTC0.00006 (5.56%) on high volume. 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 (NEOBTC as at Aug 01, 2020):
Saturday's trading range has been BTC0.00008 (7.41%), that's above the last trading month's daily average range of BTC0.00006. Things look different on the weekly timeframe, where the market's trading range of the last week has been below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for NEOBTC.
One bullish candlestick pattern matches today's price action, the White Candle.
The cryptocurrency managed to close back above the 100-day moving average at 0.00112 for the first time since July 26th. When this moving average was crossed above the last time on July 5th, NEOBTC gained 1.80% on the following trading day. After spiking up to 0.00115 during the day, NEO/BTC found resistance at the 20-day moving average at 0.00114.
Although still in a long-term uptrend, the short and medium-term trends both turned bearish already.
Among the 12 market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bullish Break through SMA 100" stand out. Its common bullish interpretation has been confirmed for NEO/BTC. Out of 14 times, NEOBTC closed higher 57.14% 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 71.43% with an average market move of 14.22%.
With seven out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are XRPUSD gaining 12.04% and ETHUSD closing 11.71% higher. None of the markets ended the day in the red. Looking at the other Minor Cryptocurrencies, the winners of the day have been ZECUSD surging 19.59% and DOGEUSD closing 15.6% higher. The worst performers of the day have been STRATBTC tanking -4.08% and ARDRBTC closing -4.0% lower. Read more