NEOBTC dominated by bears dragging the market lower throughout the day


NEO/Bitcoin Index (NEOBTC) Technical Analysis Report for Nov 22, 2020 | by Techniquant Editorial Team

Highlights

NEOBTC breaks back below 20-day moving average
NEOBTC dominated by bears dragging the market lower throughout the day
NEOBTC closes within previous day's range

Overview

NEOBTC ended Sunday at 0.00093 losing BTC0.00005 (-5.1%) on high volume. The bears were in full control today, moving the market lower throughout the whole session. Closing within the previous day's range, prices missed to decisively move beyond the prior day's trading range.

Daily Candlestick Chart (NEOBTC as at Nov 22, 2020):

Daily technical analysis candlestick chart for NEO/Bitcoin Index (NEOBTC) as at Nov 22, 2020

Sunday's trading range has been BTC0.00006 (6.12%), that's slightly below the last trading month's daily average range of BTC0.00006. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently lower than usual for NEOBTC.

After moving higher in the previous session, the market closed lower but above the prior day's open today, forming a bearish Harami Candle. Additionally, one bearish candlestick pattern matches today's price action, the Black Candle. The last time a Black Candle showed up on Wednesday, NEOBTC actually gained 2.27% on the following trading day.

NEO/BTC closed back below the 20-day moving average at 0.00096.

The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.

Buying might accelerate should prices move above the close-by swing high at 0.00099 where further buy stops could get activated. 2019's low at 0.00082 is within reach and we might see further downside momentum should the cryptocurrency break out beyond.

Among the eight 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 230 times, NEOBTC closed lower 53.04% 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 57.39% with an average market move of -0.14%.


Market Conditions for NEOBTC as at Nov 22, 2020

Loading Market Conditions for NEOBTC (NEO/Bitcoin Index)...
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