QTUMBTC runs into sellers around 0.000245 for the third day in a row
QTUM/Bitcoin Index (QTUMBTC) Technical Analysis Report for Nov 09, 2019 | by Techniquant Editorial Team
QTUMBTC ended Saturday at 0.000241 losing BTC0.000003 (-1.23%) on low volume. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range in a lackluster session.
Daily Candlestick Chart (QTUMBTC as at Nov 09, 2019):
Saturday's trading range has been BTC0.000007 (2.87%), that's below the last trading month's daily average range of BTC0.000017. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for QTUMBTC. Prices continued to consolidate within a tight trading range between 0.000234 and 0.000249 where it has been caught now for the whole last trading week.
During the whole day, prices traded within the previous day's range, unable to trade above the prior day's high or below the previous day's low forming an Inside Bar.
Prices are trading close to the key technical support level at 0.000234 (S1). Prices are trading close to the key technical resistance level at 0.000249 (R1). QTUM/BTC ran into sellers again today around 0.000245 for the third trading day in a row after having found sellers at 0.000246 in the prior session and at 0.000247 two days ago. The last time this happened on October 23rd, QTUMBTC actually gained 3.38% on the following trading day.
Though still in a long-term downtrend, the short and medium-term trends both turned bullish already.
Buying might accelerate should prices move above the close-by swing high at 0.000249 where further buy stops could get triggered. Selling might speed up should prices move below the nearby swing low at 0.000234 where further sell stops could get activated.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Close to Swing High" stand out. Although it is usually interpreted as neutral, it has actually shown to be bearish for QTUM/BTC. Out of 292 times, QTUMBTC closed lower 52.40% 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 10 trading days, showing a win rate of 58.90% with an average market move of -0.39%.
With five out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are LTCUSD gaining 2.57% and BCHUSD closing 1.29% higher. On the flipside the worst performers have been ETCUSD closing -0.8% lower and BTCUSD losing -0.16%. Looking at the other Minor Cryptocurrencies, the winners of the day have been KMDBTC surging 19.83% and KMDUSD closing 19.72% higher. The worst performers of the day have been SCBTC tanking -4.35% and PIVXBTC closing -4.06% lower. Read more