SCBTC runs into sellers again around 0.00000023
Siacoin/Bitcoin Index (SCBTC) Technical Analysis Report for Nov 10, 2019 | by Techniquant Editorial Team
SCBTC ended Sunday at 0.00000022 flat.
Daily Candlestick Chart (SCBTC as at Nov 10, 2019):
Sunday's trading range has been BTC0.00000002 (8.7%), that's slightly 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.
One bullish candlestick pattern matches today's price action, the Last Engulfing Bottom Pattern. The last time a Last Engulfing Bottom Pattern showed up on Wednesday, SCBTC gained 4.55% on the following trading day.
After having been unable to move above 0.00000023 in the prior session, SC/BTC ran into sellers again around the same price level today, missing to move higher than 0.00000023.
While still in a long-term downtrend, the short and medium-term trends both turned bullish already.
Buying could speed up should prices move above the close-by swing high at 0.00000024 where further buy stops might get activated. Selling could accelerate should prices move below the nearby swing low at 0.00000020 where further sell stops might get triggered. Further selling could move prices lower should the market test October's close-by low at 0.00000019.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Close to Swing Low" stand out. Though it is usually interpreted as neutral, it has actually shown to be bearish for SC/BTC. Out of 618 times, SCBTC closed lower 44.34% 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 56.63% with an average market move of 1.66%.
With six out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are BCHUSD gaining 3.73% and EOSUSD closing 3.16% higher. On the flipside the worst performer has been XRPUSD closing -0.14% lower. Looking at the other Minor Cryptocurrencies, the winners of the day have been XLMUSD surging 8.52% and VETBTC closing 6.78% higher. The worst performers of the day have been KMDBTC tanking -9.82% and KMDUSD closing -7.06% lower. Read more