SCBTC drops to lowest close since April 24th
Siacoin/Bitcoin Index (SCBTC) Technical Analysis Report for Oct 26, 2020 | by Techniquant Editorial Team
Moving lower for the 2nd day in a row, SCBTC ended Monday at 0.00000020 losing BTC0.00000001 (-4.76%). Today's close at 0.00000020 marks the lowest recorded closing price since April 24th. Trading BTC0.00000001 higher after the open, Sia was unable to hold its gains as the bears took control ending the day below its opening price.
Daily Candlestick Chart (SCBTC as at Oct 26, 2020):
Monday's trading range has been BTC0.00000003 (14.29%), that's slightly above 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 below the market's average weekly trading range. The longer-term, monthly volatility is currently notably lower than usual for SCBTC.
SC/BTC was sold again around 0.00000022 after having seen highs at 0.00000022, 0.00000022 and 0.00000022 in the last three trading sessions. Obviously there is something going on at that level. The last time this happened on October 19th, SCBTC lost -8.70% on the following trading day.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
With prices trading close to this year's low at 0.00000015, downside momentum could speed up should the market break out to new lows for the year.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "2 Consecutive Lower Closes" stand out. Its common bearish interpretation has been confirmed for SC/BTC. Out of 197 times, SCBTC closed lower 41.62% 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 10 trading days, showing a win rate of 55.84% with an average market move of 0.61%.