QTUMBTC surges, gaining BTC0.000018 (14.29%) within a single day on high volume
QTUM/Bitcoin Index (QTUMBTC) Technical Analysis Report for Nov 21, 2020 | by Techniquant Editorial Team
QTUMBTC finished Saturday at 0.000144 surging BTC0.000018 (14.29%) on high volume. This is the biggest single-day gain in over two months. Today's close at 0.000144 marks the highest recorded closing price since November 1st. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Friday's high at 0.000134, the cryptocurrency confirmed its breakout through the previous session high after trading up to BTC0.000011 above it intraday.
Daily Candlestick Chart (QTUMBTC as at Nov 21, 2020):
Saturday's trading range has been BTC0.000019 (15.08%), that's far above the last trading month's daily average range of BTC0.000008. Weekly volatility is also higher, being slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for QTUMBTC.
One bullish candlestick pattern matches today's price action, the White Candle.
QTUM/BTC managed to close above the 20-day moving average at 0.000129 for the first time since September 18th. When this moving average was crossed above the last time on September 18th, QTUMBTC actually lost -7.03% on the following trading day.
Crossing above the upper Bollinger Band for the first time since August 22nd, prices have shown unusually strong upward momentum in the short-term. This could either indicate a potential buying climax after which prices might head back down towards the mean of the Bollinger Bands at 0.000129 or signal the beginning of a strong momentum breakout leading to even higher prices.
Although the market is experiencing a short-term uptrend, this could just be a correction, as both the medium and long-term trends are still bearish.
As prices are trading close to November's high at 0.000149, upside momentum might accelerate should Qtum mark new highs for the month.
Among the 12 market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Very Strong Up Move" stand out. Though it is usually interpreted as bullish, it has actually shown to be bearish for QTUM/BTC. Out of 59 times, QTUMBTC closed lower 71.19% 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 three trading days, showing a win rate of 62.71% with an average market move of -2.13%.