QTUMUSD closes within prior day's range
QTUM/US Dollar Index (QTUMUSD) Technical Analysis Report for Nov 09, 2019 | by Techniquant Editorial Team
Moving lower for the 3rd day in a row, QTUMUSD ended Saturday at 2.15 losing $0.05 (-2.27%). Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range.
Daily Candlestick Chart (QTUMUSD as at Nov 09, 2019):
Saturday's trading range has been $0.13 (5.91%), that's slightly below the last trading month's daily average range of $0.20. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for QTUMUSD.
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 2.08 (S1). Prices are trading close to the key technical resistance level at 2.26 (R1). After having been unable to move above 2.25 in the previous session, QTUM/USD ran into sellers again around the same price level today, failing to move higher than 2.23. The last time this happened on Tuesday, QTUMUSD actually gained 0.88% 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 close-by swing low at 2.07 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 "3 Consecutive Lower Closes" stand out. Though it is usually interpreted as bearish, it has actually shown to be bullish for QTUM/USD. Out of 45 times, QTUMUSD closed higher 62.22% of the time on the next trading day after the market condition occurred.
With five out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are LTCUSD gaining 2.57% and BCHUSD closing 1.29% higher. On the flipside the worst performers have been ETCUSD closing -0.8% lower and BTCUSD losing -0.16%. Looking at the other Minor Cryptocurrencies, the winners of the day have been KMDBTC surging 19.83% and KMDUSD closing 19.72% higher. The worst performers of the day have been SCBTC tanking -4.35% and PIVXBTC closing -4.06% lower. Read more