QTUMUSD breaks back below 20-day moving average


QTUM/US Dollar Index (QTUMUSD) Technical Analysis Report for Oct 25, 2020 | by Techniquant Editorial Team

Highlights

QTUMUSD breaks back below 20-day moving average
QTUMUSD dominated by bears dragging the market lower throughout the day
QTUMUSD breaks below Saturday's low

Overview

QTUMUSD finished Sunday at 2.23 losing $0.08 (-3.46%). The bears were in full control today, moving the market lower throughout the whole session. Closing below Saturday's low at 2.29, the market confirmed its breakout through the prior session low after trading up to $0.06 below it intraday.

Daily Candlestick Chart (QTUMUSD as at Oct 25, 2020):

Daily technical analysis candlestick chart for QTUM/US Dollar Index (QTUMUSD) as at Oct 25, 2020

Sunday's trading range has been $0.08 (3.46%), that's slightly below the last trading month's daily average range of $0.09. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for QTUMUSD.

Regardless of a strong opening the cryptocurrency closed below the previous day's open and close, forming a bearish Engulfing Candle. Additionally, one bearish candlestick pattern matches today's price action, the Black Candle.

Qtum closed back below the 20-day moving average at 2.26. When this moving average was crossed below the last time on October 14th, QTUMUSD lost -1.33% on the following trading day.

The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.

Buying could speed up should prices move above the nearby swing high at 2.35 where further buy stops might get triggered. As prices are trading close to October's low at 2.10, downside momentum could accelerate should QTUM/USD mark new lows for the month.

Among the eight market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Decisive Down Move" stand out. Though it is usually interpreted as bearish, it has actually shown to be bullish for QTUM/USD. Out of 148 times, QTUMUSD closed higher 60.81% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 49.32% with an average market move of 1.49%.


Market Conditions for QTUMUSD as at Oct 25, 2020

Loading Market Conditions for QTUMUSD (QTUM/US Dollar Index)...
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