STEEMBTC closes below its opening price unable to hold early session gains
Steem/Bitcoin Index (STEEMBTC) Technical Analysis Report for Oct 23, 2020 | by Techniquant Editorial Team
STEEMBTC ended the week -8.82% lower at 0.0000124 after losing BTC0.0000001 (-0.8%) today. Trading BTC0.0000002 higher after the open, the cryptocurrency was unable to hold its gains as the bears took control ending the day below its opening price. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range in a lackluster session.
Daily Candlestick Chart (STEEMBTC as at Oct 23, 2020):
Friday's trading range has been BTC0.0000004 (3.2%), that's below the last trading month's daily average range of BTC0.0000006. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for STEEMBTC.
After having been unable to move above 0.0000127 in the previous session, STEEM/BTC ran into sellers again around the same price level today, missing to move higher than 0.0000127. The last time this happened on Monday, STEEMBTC lost -3.73% 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 nearby swing low at 0.0000120 where further sell stops might get activated.
Among the three market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "High close to prior High" stand out. Its common bearish interpretation has been confirmed for STEEM/BTC. Out of 412 times, STEEMBTC closed lower 57.04% 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 four trading days, showing a win rate of 59.22% with an average market move of -0.01%.