QTUMBTC runs into sellers again around 0.000146
QTUM/Bitcoin Index (QTUMBTC) Technical Analysis Report for Nov 22, 2020 | by Techniquant Editorial Team
QTUMBTC ended Sunday at 0.000139 losing BTC0.000005 (-3.47%) on high volume. 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 22, 2020):
Sunday's trading range has been BTC0.000012 (8.33%), that's 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.
After having been unable to move above 0.000145 in the previous session, the market ran into sellers again around the same price level today, missing to move higher than 0.000146.
Crossing below the upper Bollinger Band, prices have lost at least some of their upward momentum in the short-term and might now be heading back down towards the mean of the Bollinger Bands at 0.000129. The last time this happened on August 23rd, QTUMBTC lost -4.69% on the following trading day.
While QTUM/BTC 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 two market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "High close to prior High" stand out. Its common bearish interpretation has been confirmed for QTUM/BTC. Out of 417 times, QTUMBTC closed lower 42.21% of the time on the next trading day after the market condition occurred.