STEEMBTC closes lower for the 2nd day in a row
Steem/Bitcoin Index (STEEMBTC) Technical Analysis Report for Nov 10, 2019 | by Techniquant Editorial Team
Moving lower for the 2nd day in a row, STEEMBTC finished Sunday at 0.0000158 losing BTC0.0000002 (-1.25%). Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Daily Candlestick Chart (STEEMBTC as at Nov 10, 2019):
Sunday's trading range has been BTC0.0000007 (4.38%), that's slightly 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.
One bearish candlestick pattern matches today's price action, the Bearish Spinning Top. The last time a Bearish Spinning Top showed up on Thursday, STEEMBTC actually gained 5.16% on the following trading day.
Prices are trading close to the key technical support level at 0.0000153 (S1). Steem closed back below the 20-day moving average at 0.0000159.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Buying might accelerate should prices move above the nearby swing high at 0.0000164 where further buy stops could get triggered. Selling might speed up should prices move below the close-by swing low at 0.0000155 where further sell stops could get activated.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Close to Swing High" stand out. While it is usually interpreted as neutral, it has actually shown to be bearish for STEEM/BTC. Out of 419 times, STEEMBTC closed lower 61.34% 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 nine trading days, showing a win rate of 64.44% with an average market move of 3.66%.
With six out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are BCHUSD gaining 3.73% and EOSUSD closing 3.16% higher. On the flipside the worst performer has been XRPUSD closing -0.14% lower. Looking at the other Minor Cryptocurrencies, the winners of the day have been XLMUSD surging 8.52% and VETBTC closing 6.78% higher. The worst performers of the day have been KMDBTC tanking -9.82% and KMDUSD closing -7.06% lower. Read more