STEEMBTC dominated by bears dragging the market lower throughout the day
Steem/Bitcoin Index (STEEMBTC) Technical Analysis Report for Oct 18, 2020 | by Techniquant Editorial Team
STEEMBTC finished Sunday at 0.0000136 losing BTC0.0000002 (-1.45%). Today's close at 0.0000136 marks the lowest recorded closing price ever. The bears were in full control today, moving the market lower throughout the whole session. Closing below Saturday's low at 0.0000137, the cryptocurrency confirmed its breakout through the previous session low after trading up to BTC0.0000001 below it intraday.
Daily Candlestick Chart (STEEMBTC as at Oct 18, 2020):
Sunday's trading range has been BTC0.0000002 (1.45%), that's far below the last trading month's daily average range of BTC0.0000005. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for STEEMBTC.
Four candlestick patterns are matching today's price action, the Bullish Hikkake Pattern and the Last Engulfing Bottom Pattern which are both known as bullish patterns and two bearish patterns, the Bearish Short Candle and the Black Candle. The last time a Last Engulfing Bottom Pattern showed up on October 13th, STEEMBTC actually lost -4.11% on the following trading day.
Prices are trading close to the key technical resistance level at 0.0000139 (R1).
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 0.0000136 where further sell stops could get triggered. With prices trading close to this year's low at 0.0000125, downside momentum might accelerate should STEEM/BTC break out to new lows for the year.
Among the nine market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bearish Short Candle" stand out. Its common bearish interpretation has been confirmed for STEEM/BTC. Out of 86 times, STEEMBTC closed lower 70.93% 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 72.09% with an average market move of 9.45%.
With six out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are ETHUSD gaining 2.69% and BCHUSD closing 1.76% higher. On the flipside the worst performer has been ETCUSD closing -0.36% lower. Looking at the other Minor Cryptocurrencies, the winners of the day have been BCNUSD surging 13.16% and VETBTC closing 5.15% higher. The worst performers of the day have been WAVESBTC tanking -5.27% and WAVESUSD closing -4.08% lower. Read more