QTUMUSD closes higher for the 2nd day in a row
QTUM/US Dollar Index (QTUMUSD) Technical Analysis Report for Oct 13, 2018 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, QTUMUSD finished Saturday at 3.56 gaining $0.11 (3.19%) on high volume. Trading up to $0.85 lower after the open, Qtum managed to reverse during the session as bulls took control ending the day above its opening price. Closing above Friday's high at 3.54, QTUM/USD confirmed its breakout through the prior session high after trading up to $0.70 above it intraday.
Daily Candlestick Chart (QTUMUSD as at Oct 13, 2018):
Saturday's trading range has been $2.15 (73.13%), that's far above the last trading month's daily average range of $0.50. Weekly volatility is also higher, being way above the market's average weekly trading range. The longer-term, monthly volatility is currently just the same than usual for QTUMUSD.
In a volatile session, prices traded above the previous day's high as well as below the prior day's low, forming a bullish Outside Bar. In spite of 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 Bullish Spinning Top.
Prices are trading close to the key technical support level at 3.23 (S1). After spiking up to 4.24 during the day, the market found resistance at the 50-day moving average at 3.89. The last time this happened on September 27th, QTUMUSD lost -4.21% on the following trading day.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Among the 11 market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bullish Spinning Top" stand out. While it is usually interpreted as bullish, it has actually shown to be bearish for QTUM/USD. Out of 21 times, QTUMUSD closed lower 66.67% 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 76.19% with an average market move of -10.20%.
With five out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are ETHUSD gaining 1.6% and EOSUSD closing 1.54% higher. On the flipside the worst performer has been XRPUSD closing -0.38% lower. Looking at the other Minor Cryptocurrencies, the winners of the day have been STEEMBTC surging 5.26% and SCBTC closing 4.08% higher. The worst performers of the day have been BCNUSD tanking -4.43% and BTGBTC closing -2.26% lower. Read more