QTUMBTC finds buyers around 0.000176 for the third day in a row


QTUM/Bitcoin Index (QTUMBTC) Technical Analysis Report for May 29, 2020 | by Techniquant Editorial Team

Highlights

QTUMBTC finds buyers around 0.000176 for the third day in a row
QTUMBTC closes within previous day's range

Overview

QTUMBTC finished the month 0.56% higher at 0.000179 after gaining BTC0.000003 (1.7%) today. 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 May 29, 2020):

Daily technical analysis candlestick chart for QTUM/Bitcoin Index (QTUMBTC) as at May 29, 2020

Friday's trading range has been BTC0.000006 (3.41%), that's slightly below the last trading month's daily average range of BTC0.000009. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for QTUMBTC.

Despite a weak opening the cryptocurrency managed to close above the previous day's open and close, forming a bullish Engulfing Candle. Additionally, one bullish candlestick pattern matches today's price action, the Tweezer Bottom. The last time a Tweezer Bottom showed up on April 24th, QTUMBTC gained 4.23% on the following trading day.

QTUM/BTC found buyers again today around 0.000176 for the third trading day in a row after having found demand at 0.000176 in the prior session and at 0.000176 two days ago.

Although Qtum is experiencing a short-term uptrend, this might just be a correction, as both the medium and long-term trends are still bearish.

Among the five market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bullish Engulfing Candle" stand out. Though it is usually interpreted as bullish, it has actually shown to be bearish for QTUM/BTC. Out of 63 times, QTUMBTC closed lower 57.14% 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 60.32% with an average market move of -4.10%.

With four out of the seven Major Cryptocurrencies closing lower today, the ones that stand out on the negative side are BTCUSD losing -1.62% and XRPUSD closing -1.4% lower. On the flipside the best performers have been ETCUSD closing 5.1% higher and EOSUSD gaining 0.38%. Looking at the other Minor Cryptocurrencies, the winners of the day have been ETCBTC surging 6.98% and PIVXBTC closing 5.97% higher. The worst performers of the day have been STRATUSD tanking -2.94% and ZECUSD closing -2.43% lower. Read more


Market Conditions for QTUMBTC as at May 29, 2020

Loading Market Conditions for QTUMBTC (QTUM/Bitcoin Index)...
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