NEOBTC misses to close above 100-day moving average
NEO/Bitcoin Index (NEOBTC) Technical Analysis Report for Oct 17, 2020 | by Techniquant Editorial Team
NEOBTC finished Saturday at 0.00151 gaining BTC0.00001 (0.67%) on low volume.
Daily Candlestick Chart (NEOBTC as at Oct 17, 2020):
Saturday's trading range has been BTC0.00002 (1.33%), that's far below the last trading month's daily average range of BTC0.00007. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently lower than usual for NEOBTC.
Despite a weak opening NEO/BTC managed to close above the previous day's open and close, forming a bullish Engulfing Candle.
After spiking up to 0.00152 during the day, the cryptocurrency found resistance at the 100-day moving average at 0.00151. The last time this happened on August 9th, NEOBTC actually gained 9.91% on the following trading day.
Although still in a long-term uptrend, the short and medium-term trends both turned bearish already.
Among the three market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bounced off Technical Resistance R1" stand out. Its common bearish interpretation has been confirmed for NEO/BTC. Out of 227 times, NEOBTC closed lower 52.86% 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 three trading days, showing a win rate of 56.83% with an average market move of -0.08%.
With four out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are ETHUSD gaining 0.81% and BTCUSD closing 0.37% higher. On the flipside the worst performers have been BCHUSD closing -2.05% lower and LTCUSD losing -1.43%. Looking at the other Minor Cryptocurrencies, the winners of the day have been WAVESUSD surging 8.14% and WAVESBTC closing 7.59% higher. The worst performers of the day have been BCNUSD tanking -10.94% and BCHBTC closing -2.26% lower. Read more