STEEMBTC closes above its opening price after recovering from early selling pressure
Steem/Bitcoin Index (STEEMBTC) Technical Analysis Report for Nov 10, 2018 | by Techniquant Editorial Team
STEEMBTC finished Saturday at 0.0001193 gaining BTC0.0000009 (0.76%). Trading up to BTC0.0000012 lower after the open, the cryptocurrency managed to reverse during the session as bulls took control ending the day above its opening price. Closing within the previous day's range, prices missed to decisively move beyond the prior day's trading range in a lackluster session.
Daily Candlestick Chart (STEEMBTC as at Nov 10, 2018):
Saturday's trading range has been BTC0.0000034 (2.87%), that's below the last trading month's daily average range of BTC0.0000046. 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 slightly lower than usual for STEEMBTC.
During the whole day, prices traded within the previous day's range, unable to trade above the prior day's high or below the previous day's low forming an Inside Bar. Additionally, one bullish candlestick pattern matches today's price action, the Bullish Spinning Top.
Prices are trading close to the key technical resistance level at 0.0001209 (R1).
Crossing above the lower Bollinger Band, prices have lost at least some of their downward momentum in the short-term and could now be heading back up towards the mean of the Bollinger Bands at 0.0001234. The last time this happened on September 13th, STEEMBTC actually lost -2.90% on the following trading day.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Selling might speed up should prices move below the close-by swing low at 0.0001158 where further sell stops could get triggered.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Close to R1 Resistance" stand out. Its common bearish interpretation has been confirmed for STEEM/BTC. Out of 354 times, STEEMBTC closed lower 63.28% of the time on the next trading day after the market condition occurred.
With six out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are BCHUSD gaining 1.7% and ETHUSD closing 1.26% higher. On the flipside the worst performer has been ETCUSD closing -0.11% lower. Looking at the other Minor Cryptocurrencies, the winners of the day have been XEMUSD surging 5.34% and DOGEUSD closing 3.88% higher. The worst performers of the day have been ZECUSD tanking -2.84% and ZECBTC closing -2.72% lower. Read more