STEEMBTC finds buyers around 0.0000081 for the third day in a row
Steem/Bitcoin Index (STEEMBTC) Technical Analysis Report for Nov 21, 2020 | by Techniquant Editorial Team
STEEMBTC finished Saturday at 0.0000088 gaining BTC0.0000005 (6.02%). Closing above Friday's high at 0.0000087, the market confirmed its breakout through the prior session high after trading up to BTC0.0000002 above it intraday.
Daily Candlestick Chart (STEEMBTC as at Nov 21, 2020):
Saturday's trading range has been BTC0.0000008 (9.64%), that's far above the last trading month's daily average range of BTC0.0000005. Weekly volatility is also higher, being slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for STEEMBTC.
In spite of a weak opening the cryptocurrency managed to close above the previous day's open and close, forming a bullish Engulfing Candle. The last time this candlestick pattern showed up on Wednesday, STEEMBTC actually lost -6.67% on the following trading day. Additionally, two candlestick patterns are matching today's price action, the Tweezer Bottom and the White Candle which are both known as bullish patterns.
Prices are trading close to the key technical resistance level at 0.0000093 (R1). STEEM/BTC found buyers again today around 0.0000081 for the third trading day in a row after having found demand at 0.0000081 in the prior session and at 0.0000082 two days ago.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Among the eight market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Low close to previous low" stand out. While it is usually interpreted as bullish, it has actually shown to be bearish for STEEM/BTC. Out of 522 times, STEEMBTC closed lower 59.77% of the time on the next trading day after the market condition occurred.