SCBTC finds buyers again around 0.00000093
Siacoin/Bitcoin Index (SCBTC) Technical Analysis Report for Nov 10, 2018 | by Techniquant Editorial Team
SCBTC ended Saturday at 0.00000095 gaining BTC0.00000001 (1.06%) on low volume. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range in a lackluster session.
Daily Candlestick Chart (SCBTC as at Nov 10, 2018):
Saturday's trading range has been BTC0.00000003 (3.16%), that's below the last trading month's daily average range of BTC0.00000005. 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 SCBTC.
Three candlestick patterns are matching today's price action, the Southern Doji and the Tweezer Bottom which are both known as bullish patterns and one neutral pattern, the Doji.
After having been unable to move lower than 0.00000093 in the previous session, Sia found buyers again around the same price level today at 0.00000093. The last time this happened on October 30th, SCBTC actually lost -2.80% on the following trading day.
The market shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend still being bullish.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Low close to prior low" stand out. Although it is usually interpreted as bullish, it has actually shown to be bearish for SC/BTC. Out of 405 times, SCBTC closed lower 47.90% of the time on the next trading day after the market condition occurred.
With six out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are BCHUSD gaining 1.7% and ETHUSD closing 1.26% higher. On the flipside the worst performer has been ETCUSD closing -0.11% lower. Looking at the other Minor Cryptocurrencies, the winners of the day have been XEMUSD surging 5.34% and DOGEUSD closing 3.88% higher. The worst performers of the day have been ZECUSD tanking -2.84% and ZECBTC closing -2.72% lower. Read more