STEEMBTC closes within previous day's range after lackluster session


Steem/Bitcoin Index (STEEMBTC) Technical Analysis Report for Nov 22, 2020 | by Techniquant Editorial Team

Highlights

STEEMBTC closes within previous day's range after lackluster session

Overview

STEEMBTC finished Sunday at 0.0000088 flat. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range in a lackluster session.

Daily Candlestick Chart (STEEMBTC as at Nov 22, 2020):

Daily technical analysis candlestick chart for Steem/Bitcoin Index (STEEMBTC) as at Nov 22, 2020

Sunday's trading range has been BTC0.0000004 (4.55%), that's below the last trading month's daily average range of BTC0.0000005. 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 lower than usual for STEEMBTC.

One neutral candlestick pattern matches today's price action, the Doji. The last time a Doji showed up on November 14th, STEEMBTC lost -2.15% on the following trading day.

The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.

Selling might accelerate should prices move below the close-by swing low at 0.0000084 where further sell stops could get activated.

Among the two market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Doji" stand out. Though it is usually interpreted as neutral, it has actually shown to be bearish for STEEM/BTC. Out of 116 times, STEEMBTC closed lower 56.03% 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 65.52% with an average market move of 0.22%.


Market Conditions for STEEMBTC as at Nov 22, 2020

Loading Market Conditions for STEEMBTC (Steem/Bitcoin Index)...
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