STEEMBTC closes within prior day's range
Steem/Bitcoin Index (STEEMBTC) Technical Analysis Report for May 23, 2020 | by Techniquant Editorial Team
STEEMBTC finished Saturday at 0.0000238 gaining BTC0.0000004 (1.71%). Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range.
Daily Candlestick Chart (STEEMBTC as at May 23, 2020):
Saturday's trading range has been BTC0.0000049 (20.94%), that's above the last trading month's daily average range of BTC0.0000024. Weekly volatility is also higher, being above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for STEEMBTC.
One bearish candlestick pattern matches today's price action, the Shooting Star. The last time a Shooting Star showed up on March 19th, STEEMBTC lost -36.17% on the following trading day.
Prices are trading close to the key technical support level at 0.0000230 (S1).
While Steem 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 accelerate should prices move below the close-by swing low at 0.0000225 where further sell stops might get activated.
Among the three market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Close near low of period" stand out. Its common bearish interpretation has been confirmed for STEEM/BTC. Out of 388 times, STEEMBTC closed lower 59.02% 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 seven trading days, showing a win rate of 63.40% with an average market move of 2.20%.
With five out of the seven Major Cryptocurrencies closing lower today, the ones that stand out on the negative side are EOSUSD losing -1.16% and LTCUSD closing -0.81% lower. On the flipside the best performers have been ETCUSD closing 1.55% higher and BTCUSD gaining 0.23%. Looking at the other Minor Cryptocurrencies, the winners of the day have been BCNUSD surging 10.84% and XVGUSD closing 5.05% higher. The worst performers of the day have been HSRBTC tanking -9.88% and ARDRBTC closing -9.27% lower. Read more