SCBTC runs into sellers around 0.00000026 for the third day in a row


Siacoin/Bitcoin Index (SCBTC) Technical Analysis Report for Oct 18, 2020 | by Techniquant Editorial Team

Highlights

SCBTC runs into sellers around 0.00000026 for the third day in a row
SCBTC stuck within tight trading range
SCBTC closes within previous day's range after lackluster session

Overview

SCBTC finished Sunday at 0.00000025 flat on low volume. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range in a lackluster session.

Daily Candlestick Chart (SCBTC as at Oct 18, 2020):

Daily technical analysis candlestick chart for Siacoin/Bitcoin Index (SCBTC) as at Oct 18, 2020

Sunday's trading range has been BTC0.00000001 (4.0%), that's 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 lower than usual for SCBTC. Prices continued to consolidate within a tight trading range between 0.00000024 and 0.00000026 where it has been caught now for the last three trading days.

Two candlestick patterns are matching today's price action, the Southern Doji which is known as bullish pattern and one neutral pattern, the Doji.

The cryptocurrency ran into sellers again today around 0.00000026 for the third trading day in a row after having found sellers at 0.00000026 in the prior session and at 0.00000026 two days ago. The last time this happened on Wednesday, SCBTC lost -7.41% on the following trading day.

The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.

Selling could accelerate should prices move below the nearby swing low at 0.00000025 where further sell stops might get activated. Further selling could move prices lower should the market test September's close-by low at 0.00000023.

Among the seven market conditions that our pattern recognition engine identified today, the statistics for the Technical Indicators based market condition "RSI(2) below 20" stand out. Though it is usually interpreted as bullish, it has actually shown to be bearish for SC/BTC. Out of 200 times, SCBTC closed lower 43.50% 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 51.50% with an average market move of 0.64%.

With six out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are ETHUSD gaining 2.69% and BCHUSD closing 1.76% higher. On the flipside the worst performer has been ETCUSD closing -0.36% lower. Looking at the other Minor Cryptocurrencies, the winners of the day have been BCNUSD surging 13.16% and VETBTC closing 5.15% higher. The worst performers of the day have been WAVESBTC tanking -5.27% and WAVESUSD closing -4.08% lower. Read more


Market Conditions for SCBTC as at Oct 18, 2020

Loading Market Conditions for SCBTC (Siacoin/Bitcoin Index)...
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