QTUMBTC runs into sellers around 0.000245 for the forth day in a row
QTUM/Bitcoin Index (QTUMBTC) Technical Analysis Report for Nov 10, 2019 | by Techniquant Editorial Team
QTUMBTC ended Sunday at 0.000241 flat. Closing within the previous day's range, prices missed to decisively move beyond the prior day's trading range.
Daily Candlestick Chart (QTUMBTC as at Nov 10, 2019):
Sunday's trading range has been BTC0.000011 (4.56%), that's slightly 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.
One neutral candlestick pattern matches today's price action, the Doji.
After trading down to 0.000234 earlier during the day, the market bounced off the key technical support level at 0.000234 (S1). The failure to close below the support might increase that levels significance as support going forward. Prices are trading close to the key technical resistance level at 0.000249 (R1). Qtum was sold again around 0.000245 after having seen highs at 0.000245, 0.000246 and 0.000247 in the last three trading sessions. Obviously there is something going on at that level. The last time this happened on October 15th, QTUMBTC lost -1.88% on the following trading day.
While still in a long-term downtrend, the short and medium-term trends both turned bullish already.
Buying could speed up should prices move above the nearby swing high at 0.000249 where further buy stops might get activated. Selling could accelerate should prices move below the close-by swing low at 0.000234 where further sell stops might get triggered.
Among the seven 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 293 times, QTUMBTC closed lower 52.22% 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 58.70% with an average market move of -0.39%.
With six out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are BCHUSD gaining 3.73% and EOSUSD closing 3.16% higher. On the flipside the worst performer has been XRPUSD closing -0.14% lower. Looking at the other Minor Cryptocurrencies, the winners of the day have been XLMUSD surging 8.52% and VETBTC closing 6.78% higher. The worst performers of the day have been KMDBTC tanking -9.82% and KMDUSD closing -7.06% lower. Read more