QTUMBTC runs into sellers around 0.000194 for the third day in a row

QTUM/Bitcoin Index (QTUMBTC) Technical Analysis Report for Oct 18, 2020 | by Techniquant Editorial Team


QTUMBTC runs into sellers around 0.000194 for the third day in a row
QTUMBTC closes higher for the 2nd day in a row
QTUMBTC stuck within tight trading range
QTUMBTC closes within previous day's range after lackluster session


Moving higher for the 2nd day in a row, QTUMBTC ended Sunday at 0.000193 edging higher BTC0.000001 (0.52%) on low volume. Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range in a lackluster session.

Daily Candlestick Chart (QTUMBTC as at Oct 18, 2020):

Daily technical analysis candlestick chart for QTUM/Bitcoin Index (QTUMBTC) as at Oct 18, 2020

Sunday's trading range has been BTC0.000003 (1.56%), that's far below the last trading month's daily average range of BTC0.000008. 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. Prices continued to consolidate within a tight trading range between 0.000188 and 0.000195 where it has been caught now for the last three trading days.

The cryptocurrency ran into sellers again today around 0.000194 for the third trading day in a row after having found sellers at 0.000194 in the prior session and at 0.000195 two days ago. The last time this happened on September 27th, QTUMBTC actually gained 3.18% 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 activated.

Among the four market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "2 Consecutive Higher Closes" stand out. Although it is usually interpreted as bullish, it has actually shown to be bearish for QTUM/BTC. Out of 131 times, QTUMBTC closed lower 57.25% 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 62.60% with an average market move of 1.24%.

With six out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are ETHUSD gaining 2.69% and BCHUSD closing 1.76% higher. On the flipside the worst performer has been ETCUSD closing -0.36% lower. Looking at the other Minor Cryptocurrencies, the winners of the day have been BCNUSD surging 13.16% and VETBTC closing 5.15% higher. The worst performers of the day have been WAVESBTC tanking -5.27% and WAVESUSD closing -4.08% lower. Read more

Market Conditions for QTUMBTC as at Oct 18, 2020

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