SCBTC finds buyers again around 0.00000021
Siacoin/Bitcoin Index (SCBTC) Technical Analysis Report for Oct 23, 2020 | by Techniquant Editorial Team
SCBTC finished the week -16.0% lower at 0.00000021 after flat today. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Daily Candlestick Chart (SCBTC as at Oct 23, 2020):
Friday's trading range has been BTC0.00000001 (4.76%), that's far 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 significantly lower than usual for SCBTC.
Three candlestick patterns are matching today's price action, the Southern Doji and the Tweezer Bottom which are both known as bullish patterns and one neutral pattern, the Doji. The last time a Doji showed up on October 18th, SCBTC lost -8.00% on the following trading day.
After having been unable to move lower than 0.00000021 in the previous session, the cryptocurrency found buyers again around the same price level today at 0.00000021.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the Technical Indicators based market condition "RSI(2) below 20" stand out. While it is usually interpreted as bullish, it has actually shown to be bearish for SC/BTC. Out of 201 times, SCBTC closed lower 43.78% 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 52.74% with an average market move of 1.47%.