STEEMBTC climbs to highest close since October 7th
Steem/Bitcoin Index (STEEMBTC) Technical Analysis Report for Oct 13, 2018 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, STEEMBTC ended Saturday at 0.0001380 surging BTC0.0000069 (5.26%). Today's close at 0.0001380 marks the highest recorded closing price since October 7th. Closing above Friday's high at 0.0001339, STEEM/BTC confirmed its breakout through the previous session high after trading up to BTC0.0000109 above it intraday.
Daily Candlestick Chart (STEEMBTC as at Oct 13, 2018):
Saturday's trading range has been BTC0.0000145 (11.09%), that's above the last trading month's daily average range of BTC0.0000108. 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 slightly lower than usual for STEEMBTC.
One bullish candlestick pattern matches today's price action, the White Candle.
The market managed to break above the 20-day moving average at 0.0001347 today. When this moving average was crossed above the last time on October 6th, STEEMBTC actually lost -1.36% on the following trading day. Unable to break through the key technical resistance level at 0.0001419 (R1), the cryptocurrency closed below it after spiking up to 0.0001448 earlier during the day. The failure to close above the resistance could increase that levels significance going forward.
Although still in a long-term downtrend, the short and medium-term trends both turned bullish already.
Among the 10 market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bounced off Technical Resistance R1" stand out. Its common bearish interpretation has been confirmed for STEEM/BTC. Out of 163 times, STEEMBTC closed lower 65.64% of the time on the next trading day after the market condition occurred.
With five out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are ETHUSD gaining 1.6% and EOSUSD closing 1.54% higher. On the flipside the worst performer has been XRPUSD closing -0.38% lower. Looking at the other Minor Cryptocurrencies, the winners of the day have been SCBTC surging 4.08% and STRATUSD closing 3.79% higher. The worst performers of the day have been BCNUSD tanking -4.43% and BTGBTC closing -2.26% lower. Read more