STRATBTC breaks above 20-day moving average for the first time since October 17th
Stratis/Bitcoin Index (STRATBTC) Technical Analysis Report for Nov 09, 2019 | by Techniquant Editorial Team
STRATBTC finished Saturday at 0.000036 gaining BTC0.000001 (2.86%). The bulls were in full control today, moving the market higher throughout the whole session. Ending with a strong close near the high of the day sets a bullish note for the next session.
Daily Candlestick Chart (STRATBTC as at Nov 09, 2019):
Saturday's trading range has been BTC0.000001 (2.86%), that's below the last trading month's daily average range of BTC0.000002. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for STRATBTC.
In spite of a weak opening STRAT/BTC 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, STRATBTC actually lost -2.78% on the following trading day. Additionally, one bullish candlestick pattern matches today's price action, the White Candle.
The market managed to close above the 20-day moving average at 0.000036 for the first time since October 17th.
While the cryptocurrency is experiencing a short-term uptrend, this could just be a correction, as both the medium and long-term trends are still bearish.
Buying might speed up should prices move above the nearby swing high at 0.000037 where further buy stops could get activated. Selling might accelerate should prices move below the close-by swing low at 0.000034 where further sell stops could get triggered.
Among the eight market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Close to Swing Low" stand out. Although it is usually interpreted as neutral, it has actually shown to be bearish for STRAT/BTC. Out of 477 times, STRATBTC closed lower 51.36% 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 61.01% with an average market move of -1.80%.
With five out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are LTCUSD gaining 2.57% and BCHUSD closing 1.29% higher. On the flipside the worst performers have been ETCUSD closing -0.8% lower and BTCUSD losing -0.16%. Looking at the other Minor Cryptocurrencies, the winners of the day have been KMDBTC surging 19.83% and KMDUSD closing 19.72% higher. The worst performers of the day have been SCBTC tanking -4.35% and PIVXBTC closing -4.06% lower. Read more