SCBTC closes higher for the 2nd day in a row
Siacoin/Bitcoin Index (SCBTC) Technical Analysis Report for May 23, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, SCBTC finished Saturday at 0.00000024 gaining BTC0.00000001 (4.35%). Today's close at 0.00000024 marks the highest recorded closing price since May 6th.
Daily Candlestick Chart (SCBTC as at May 23, 2020):
Saturday's trading range has been BTC0.00000002 (8.7%), that's slightly below the last trading month's daily average range of BTC0.00000002. 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 SCBTC.
Although still in a long-term downtrend, the short and medium-term trends both turned bullish already.
Among the two market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "2 Consecutive Higher Closes" stand out. While it is usually interpreted as bullish, it has actually shown to be bearish for SC/BTC. Out of 121 times, SCBTC closed lower 55.37% of the time on the next trading day after the market condition occurred.
With five out of the seven Major Cryptocurrencies closing lower today, the ones that stand out on the negative side are EOSUSD losing -1.16% and LTCUSD closing -0.81% lower. On the flipside the best performers have been ETCUSD closing 1.55% higher and BTCUSD gaining 0.23%. Looking at the other Minor Cryptocurrencies, the winners of the day have been BCNUSD surging 10.84% and XVGUSD closing 5.05% higher. The worst performers of the day have been HSRBTC tanking -9.88% and ARDRBTC closing -9.27% lower. Read more