QTUMBTC closes within previous day's range after lackluster session
QTUM/Bitcoin Index (QTUMBTC) Technical Analysis Report for Oct 17, 2020 | by Techniquant Editorial Team
QTUMBTC ended Saturday at 0.000192 edging higher BTC0.000001 (0.52%) on low volume. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range in a lackluster session.
Daily Candlestick Chart (QTUMBTC as at Oct 17, 2020):
Saturday's trading range has been BTC0.000004 (2.09%), that's far below the last trading month's daily average range of BTC0.000009. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for QTUMBTC.
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 technical support level at 0.000188 (S1). After having been unable to move above 0.000195 in the previous session, QTUM/BTC ran into sellers again around the same price level today, missing to move higher than 0.000194. The last time this happened on October 10th, QTUMBTC actually gained 1.47% on the following trading day.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Selling could accelerate should prices move below the nearby swing low at 0.000188 where further sell stops might get triggered.
Among the two market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Close to Swing Low" stand out. Although it is usually interpreted as neutral, it has actually shown to be bearish for QTUM/BTC. Out of 552 times, QTUMBTC closed lower 52.36% 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 55.43% with an average market move of -1.04%.
With four out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are ETHUSD gaining 0.81% and BTCUSD closing 0.37% higher. On the flipside the worst performers have been BCHUSD closing -2.05% lower and LTCUSD losing -1.43%. Looking at the other Minor Cryptocurrencies, the winners of the day have been WAVESUSD surging 8.14% and WAVESBTC closing 7.59% higher. The worst performers of the day have been BCNUSD tanking -10.94% and BCHBTC closing -2.26% lower. Read more