QTUMBTC runs into sellers again around 0.000554
QTUM/BTC Index (QTUMBTC) Technical Analysis Report for Sep 15, 2018
QTUMBTC ended Saturday at 0.000535 gaining BTC0.000009 (1.71%). Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range in a lackluster session. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Saturday's trading range was BTC0.000029 (5.48%), that's below last trading month's daily average range of BTC0.000043. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly above average. Prices continued to consolidate within a tight trading range between 0.000517 and 0.000559 which it has been in now for the last three days.
During the whole day, prices traded within the prior day's range, unable to trade above the previous day's high or below the prior day's low forming an Inside Bar.
Prices are trading close to the key resistance level at 0.000560. After having been unable to move above 0.000559 in the previous session, the market ran into sellers again around the same price level today, failing to move higher than 0.000554.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Buying could speed up should prices move above the close-by swing high at 0.000559 where further buy stops might get triggered. Selling could accelerate should prices move below the nearby swing low at 0.000517 where further sell stops might get activated.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being slightly bearish.
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