STEEMBTC dominated by bears dragging the market lower throughout the day
Steem/Bitcoin Index (STEEMBTC) Technical Analysis Report for Aug 01, 2020 | by Techniquant Editorial Team
Moving lower for the 2nd day in a row, STEEMBTC ended Saturday at 0.0000182 losing BTC0.0000006 (-3.19%). Today's close at 0.0000182 marks the lowest recorded closing price since May 14th. The bears were in full control today, moving the market lower throughout the whole session. Closing below Friday's low at 0.0000183, Steem confirmed its breakout through the previous session low after trading up to BTC0.0000003 below it intraday.
Daily Candlestick Chart (STEEMBTC as at Aug 01, 2020):
Saturday's trading range has been BTC0.0000009 (4.79%), that's slightly below the last trading month's daily average range of BTC0.0000011. Weekly volatility is also lower, being slightly below 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 Black Candle.
After trading down to 0.0000180 earlier during the day, the cryptocurrency bounced off the key technical support level at 0.0000180 (S1). The failure to close below the support might increase that levels importance as support going forward. When prices bounced off a significant support level the last time on July 27th, STEEMBTC gained 2.69% on the following trading day.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Selling could accelerate should prices move below the close-by swing low at 0.0000178 where further sell stops might get triggered.
Among the seven market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Decisive Down Move" stand out. Its common bearish interpretation has been confirmed for STEEM/BTC. Out of 198 times, STEEMBTC closed lower 60.61% 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 71.72% with an average market move of -1.70%.
With seven out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are XRPUSD gaining 12.04% and ETHUSD closing 11.71% higher. None of the markets ended the day in the red. Looking at the other Minor Cryptocurrencies, the winners of the day have been ZECUSD surging 19.59% and DOGEUSD closing 15.6% higher. The worst performers of the day have been STRATBTC tanking -4.08% and ARDRBTC closing -4.0% lower. Read more