SCBTC finds buyers again around 0.00000024
Siacoin/Bitcoin Index (SCBTC) Technical Analysis Report for Oct 17, 2020 | by Techniquant Editorial Team
SCBTC ended Saturday at 0.00000025 gaining BTC0.00000001 (4.17%) on low 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 Oct 17, 2020):
Saturday's trading range has been BTC0.00000002 (8.33%), that's slightly below the last trading month's daily average range of BTC0.00000003. 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.
In spite of a weak opening Sia managed to close above the previous day's open and close, forming a bullish Engulfing Candle. Additionally, one bullish candlestick pattern matches today's price action, the Tweezer Bottom.
After having been unable to move lower than 0.00000024 in the prior session, the market found buyers again around the same price level today at 0.00000024. The last time this happened on Tuesday, SCBTC actually lost -6.90% on the following trading day.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Further selling might move prices lower should the market test September's close-by low at 0.00000023.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bullish Engulfing Candle" stand out. Though it is usually interpreted as bullish, it has actually shown to be bearish for SC/BTC. Out of 289 times, SCBTC closed lower 42.21% 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 nine trading days, showing a win rate of 52.60% with an average market move of -0.21%.
With four out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are ETHUSD gaining 0.81% and BTCUSD closing 0.37% higher. On the flipside the worst performers have been BCHUSD closing -2.05% lower and LTCUSD losing -1.43%. Looking at the other Minor Cryptocurrencies, the winners of the day have been WAVESUSD surging 8.14% and WAVESBTC closing 7.59% higher. The worst performers of the day have been BCNUSD tanking -10.94% and BCHBTC closing -2.26% lower. Read more