NEOBTC dominated by bulls lifting the market higher throughout the day
NEO/Bitcoin Index (NEOBTC) Technical Analysis Report for Nov 21, 2020 | by Techniquant Editorial Team
NEOBTC ended Saturday at 0.00098 surging BTC0.00010 (11.36%) on high volume. This is the biggest single-day gain in over a month. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Friday's high at 0.00092, NEO confirmed its breakout through the prior session high after trading up to BTC0.00006 above it intraday.
Daily Candlestick Chart (NEOBTC as at Nov 21, 2020):
Saturday's trading range has been BTC0.00010 (11.36%), that's far 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 slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently lower than usual for NEOBTC.
Notwithstanding a weak opening the cryptocurrency managed to close above the previous day's open and close, forming a bullish Engulfing Candle. Additionally, four candlestick patterns are matching today's price action, the Bullish Belt-hold, the Bullish Closing Marubozu, the Bullish Marubozu and the White Candle which are known as bullish patterns. The last time a Bullish Closing Marubozu showed up on September 7th, NEOBTC actually lost -3.98% on the following trading day.
The market managed to close above the 20-day moving average at 0.00097 for the first time since September 25th. Prices are trading close to the key technical resistance level at 0.00099 (R1). NEO/BTC was bought again around 0.00088 after having seen lows at 0.00087, 0.00087 and 0.00087 in the last three trading sessions. Obviously there is something going on at that level.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Buying could accelerate should prices move above the close-by swing high at 0.00099 where further buy stops might get activated.
Among the 16 market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Decisive Up Move" stand out. While it is usually interpreted as bullish, it has actually shown to be bearish for NEO/BTC. Out of 142 times, NEOBTC closed lower 54.93% 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 two trading days, showing a win rate of 57.04% with an average market move of -0.16%.