NEOBTC still stuck within tight trading range
NEO/Bitcoin Index (NEOBTC) Technical Analysis Report for Oct 18, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, NEOBTC ended Sunday at 0.00152 gaining BTC0.00001 (0.66%) on low volume. 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 Oct 18, 2020):
Sunday's trading range has been BTC0.00004 (2.65%), that's 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 strongly lower than usual for NEOBTC. Prices continued to consolidate within a tight trading range between 0.00148 and 0.00155 where it has been caught now for the whole last trading week.
The cryptocurrency managed to close back above the 100-day moving average at 0.00152. When this moving average was crossed above the last time on August 10th, NEOBTC actually lost -1.64% on the following trading day.
Though 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 "Bullish Break through SMA 100" stand out. Its common bullish interpretation has been confirmed for NEO/BTC. Out of 16 times, NEOBTC closed higher 50.00% 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 75.00% with an average market move of 14.21%.
With six out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are ETHUSD gaining 2.69% and BCHUSD closing 1.76% higher. On the flipside the worst performer has been ETCUSD closing -0.36% lower. Looking at the other Minor Cryptocurrencies, the winners of the day have been BCNUSD surging 13.16% and VETBTC closing 5.15% higher. The worst performers of the day have been WAVESBTC tanking -5.27% and WAVESUSD closing -4.08% lower. Read more