STRATBTC finds buyers again around 0.000035
Stratis/Bitcoin Index (STRATBTC) Technical Analysis Report for Nov 10, 2019 | by Techniquant Editorial Team
STRATBTC finished Sunday at 0.000036 flat. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Daily Candlestick Chart (STRATBTC as at Nov 10, 2019):
Sunday's trading range has been BTC0.000001 (2.78%), 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.
Five candlestick patterns are matching today's price action, the Dragonfly Doji and the Tweezer Top which are both known as bullish patterns, two bearish patterns, the Hanging Man and the Northern Doji and one neutral pattern, the Doji. The last time a Dragonfly Doji showed up on Friday, STRATBTC gained 2.86% on the following trading day.
After having been unable to move lower than 0.000035 in the previous session, Stratis found buyers again around the same price level today at 0.000035.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Buying could accelerate should prices move above the close-by swing high at 0.000037 where further buy stops might get triggered. Selling could speed up should prices move below the nearby swing low at 0.000034 where further sell stops might get activated.
Among the 10 market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Hanging Man" stand out. Though it is usually interpreted as bearish, it has actually shown to be bullish for STRAT/BTC. Out of 19 times, STRATBTC closed higher 63.16% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 63.16% with an average market move of 25.85%.
With six out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are BCHUSD gaining 3.73% and EOSUSD closing 3.16% higher. On the flipside the worst performer has been XRPUSD closing -0.14% lower. Looking at the other Minor Cryptocurrencies, the winners of the day have been XLMUSD surging 8.52% and VETBTC closing 6.78% higher. The worst performers of the day have been KMDBTC tanking -9.82% and KMDUSD closing -7.06% lower. Read more