SCBTC runs into sellers again around 0.00000017
Siacoin/Bitcoin Index (SCBTC) Technical Analysis Report for Nov 22, 2020 | by Techniquant Editorial Team
SCBTC finished Sunday at 0.00000017 flat on high volume. 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 Nov 22, 2020):
Sunday's trading range has been BTC0.00000002 (11.76%), that's above the last trading month's daily average range of BTC0.00000002. Weekly volatility is also higher, being slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for SCBTC.
Five candlestick patterns are matching today's price action, the Dragonfly Doji and the Tweezer Top which are both known as bullish patterns, two bearish patterns, the Hanging Man and the Northern Doji and one neutral pattern, the Doji.
After having been unable to move above 0.00000017 in the previous session, SC/BTC ran into sellers again around the same price level today, failing to move higher than 0.00000017. The last time this happened on Friday, SCBTC actually gained 21.43% on the following trading day.
While Sia is experiencing a short-term uptrend, this could just be a correction, as both the medium and long-term trends are still bearish.
Buying might speed up should prices move above the close-by swing high at 0.00000018 where further buy stops could get activated. As prices are trading close to November's high at 0.00000019, upside momentum might accelerate should the market mark new highs for the month.
Among the nine market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Hanging Man" stand out. Its common bearish interpretation has been confirmed for SC/BTC. Out of 27 times, SCBTC closed lower 59.26% 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 six trading days, showing a win rate of 66.67% with an average market move of 2.35%.