STEEMBTC unable to break through key resistance level
Steem/Bitcoin Index (STEEMBTC) Technical Analysis Report for Nov 09, 2019 | by Techniquant Editorial Team
STEEMBTC finished Saturday at 0.0000160 losing BTC0.0000003 (-1.84%). Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range in a lackluster session.
Daily Candlestick Chart (STEEMBTC as at Nov 09, 2019):
Saturday's trading range has been BTC0.0000006 (3.68%), that's below the last trading month's daily average range of BTC0.0000011. Weekly volatility is also lower, being way below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for STEEMBTC. Prices continued to consolidate within a tight trading range between 0.0000153 and 0.0000164 where it has been caught now for the whole last trading week.
After moving higher in the prior session, the market closed lower but above the previous day's open today, forming a bearish Harami Candle. Additionally, one bearish candlestick pattern matches today's price action, the Black Candle.
Unable to break through the key technical resistance level at 0.0000164 (R1), STEEM/BTC closed below it after spiking up to 0.0000164 earlier during the day. The failure to close above the resistance could increase that levels importance going forward. After having been unable to move above 0.0000163 in the prior session, Steem ran into sellers again around the same price level today, missing to move higher than 0.0000164. The last time this happened on Wednesday, STEEMBTC lost -1.90% on the following trading day.
While the cryptocurrency is experiencing a short-term uptrend, this might just be a correction, as both the medium and long-term trends are still bearish.
Selling could speed up should prices move below the nearby swing low at 0.0000155 where further sell stops might get activated.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Black Candle" stand out. Its common bearish interpretation has been confirmed for STEEM/BTC. Out of 316 times, STEEMBTC closed lower 63.61% 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 69.30% with an average market move of -1.83%.
With five out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are LTCUSD gaining 2.57% and BCHUSD closing 1.29% higher. On the flipside the worst performers have been ETCUSD closing -0.8% lower and BTCUSD losing -0.16%. Looking at the other Minor Cryptocurrencies, the winners of the day have been KMDBTC surging 19.83% and KMDUSD closing 19.72% higher. The worst performers of the day have been SCBTC tanking -4.35% and PIVXBTC closing -4.06% lower. Read more