STEEMBTC closes within previous day's range after lackluster session

Steem/BTC Index (STEEMBTC) Technical Analysis Report for Sep 15, 2018

Highlights

STEEMBTC stuck within tight trading range
STEEMBTC closes within previous day's range after lackluster session

TQ Sentiment

Report Sentiment: 20% Bullish
Technical Forecast:

Overview

STEEMBTC finished Saturday at 0.0001125 gaining BTC0.0000022 (1.99%). Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range in a lackluster session.

Daily chart for STEEMBTC

Volatility

Saturday's trading range was BTC0.0000068 (6.18%), that's below last trading month's daily average range of BTC0.0000084. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly above average. Prices continued to consolidate within a tight trading range between 0.0001074 and 0.0001170 which it has been in now for the last three days.

Support/Resistance

Prices are trading close to a key support level at 0.0001074.

Trend

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

Order Flow

Buying could speed up should prices move above the close-by swing high at 0.0001170 where further buy stops might get activated. Selling could accelerate should prices move below the nearby swing low at 0.0001074 where further sell stops might get triggered.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bearish.

Market Conditions for Steem/BTC Index

Condition Forecast Direction Win Rate Exit Day Events
Close near low of period TQ Pro Members Only
High close to previous High TQ Pro Members Only
Low close to previous low TQ Pro Members Only
Close to Swing Low TQ Pro Members Only
Bearish Intraday Reversal TQ Pro Members Only
More market conditions identified for TQ Pro members...
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