SCBTC pushes through Friday's high
Siacoin/Bitcoin Index (SCBTC) Technical Analysis Report for Oct 13, 2018 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, SCBTC ended Saturday at 0.00000102 gaining BTC0.00000004 (4.08%). Closing above Friday's high at 0.00000099, Sia confirmed its breakout through the previous session high after trading up to BTC0.00000004 above it intraday.
Daily Candlestick Chart (SCBTC as at Oct 13, 2018):
Saturday's trading range has been BTC0.00000006 (6.12%), that's below the last trading month's daily average range of BTC0.00000009. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for SCBTC.
One bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on October 3rd, SCBTC lost 0.00% on the following trading day.
The cryptocurrency shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend still being bullish.
Selling might speed up should prices move below the close-by swing low at 0.00000095 where further sell stops could get activated. As prices are trading close to October's low at 0.00000093, downside momentum might accelerate should SC/BTC mark new lows for the month.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "White Candle" stand out. Though it is usually interpreted as bullish, it has actually shown to be bearish for SC/BTC. Out of 157 times, SCBTC closed lower 58.60% 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 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 STRATUSD closing 3.79% higher. The worst performers of the day have been BCNUSD tanking -4.43% and BTGBTC closing -2.26% lower. Read more