SCBTC closes within prior day's range
Siacoin/Bitcoin Index (SCBTC) Technical Analysis Report for Aug 01, 2020 | by Techniquant Editorial Team
SCBTC ended Saturday at 0.00000028 gaining BTC0.00000002 (7.69%) on high volume. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range.
Daily Candlestick Chart (SCBTC as at Aug 01, 2020):
Saturday's trading range has been BTC0.00000004 (15.38%), that's above the last trading month's daily average range of BTC0.00000003. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for SCBTC. Prices continued to consolidate within a tight trading range between 0.00000025 and 0.00000030 where it has been caught now for the whole last trading week.
One bullish candlestick pattern matches today's price action, the White Candle.
After trading as low as 0.00000025 during the day, the cryptocurrency found support at the 200-day moving average at 0.00000026. After having been unable to move above 0.00000029 in the previous session, Sia ran into sellers again around the same price level today, missing to move higher than 0.00000029. The last time this happened on Thursday, SCBTC lost -10.34% on the following trading day.
Crossing above the lower Bollinger Band, prices have lost at least some of their downward momentum in the short-term and could now be heading back up towards the mean of the Bollinger Bands at 0.00000033.
Though still in a long-term uptrend, the short and medium-term trends both turned bearish already.
Trading close to June's low at 0.00000024 we might see further downside momentum if potential sell stops at the level get activated.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "White Candle" stand out. While it is usually interpreted as bullish, it has actually shown to be bearish for SC/BTC. Out of 232 times, SCBTC closed lower 56.90% 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 three trading days, showing a win rate of 58.19% with an average market move of -0.20%.
With seven out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are XRPUSD gaining 12.04% and ETHUSD closing 11.71% higher. None of the markets ended the day in the red. Looking at the other Minor Cryptocurrencies, the winners of the day have been ZECUSD surging 19.59% and DOGEUSD closing 15.6% higher. The worst performers of the day have been STRATBTC tanking -4.08% and ARDRBTC closing -4.0% lower. Read more