SCBTC ends the day on a bearish note closing near the low of the day
Siacoin/Bitcoin Index (SCBTC) Technical Analysis Report for Nov 09, 2019 | by Techniquant Editorial Team
SCBTC finished Saturday at 0.00000022 losing BTC0.00000001 (-4.35%) on low volume. The bears were in full control today, moving the market lower throughout the whole session. Ending with a weak close near the low of the day sets a bearish note for the next session.
Daily Candlestick Chart (SCBTC as at Nov 09, 2019):
Saturday's trading range has been BTC0.00000001 (4.35%), that's far below the last trading month's daily average range of BTC0.00000002. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for SCBTC.
Even with a strong opening SC/BTC closed below the previous day's open and close, forming a bearish Engulfing Candle. Additionally, two candlestick patterns are matching today's price action, the Bearish Short Candle and the Black Candle which are both known as bearish patterns.
Sia closed back below the 50-day moving average at 0.00000022 for the first time since October 29th. When this moving average was crossed below the last time on October 29th, SCBTC actually gained 10.00% on the following trading day. After having been unable to move lower than 0.00000022 in the prior session, the market found buyers again around the same price level today at 0.00000022.
Although still in a long-term downtrend, the short and medium-term trends both turned bullish already.
Buying could accelerate should prices move above the nearby swing high at 0.00000024 where further buy stops might get triggered. Selling could speed up should prices move below the close-by swing low at 0.00000020 where further sell stops might get activated. Further selling could move prices lower should the market test October's nearby low at 0.00000019.
Among the 11 market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bearish Short Candle" stand out. Its common bearish interpretation has been confirmed for SC/BTC. Out of 78 times, SCBTC closed lower 51.28% 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 65.38% with an average market move of -8.77%.
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 PIVXBTC tanking -4.06% and PIVXUSD closing -3.41% lower. Read more