STRATBTC dominated by bears dragging the market lower throughout the day
Stratis/Bitcoin Index (STRATBTC) Technical Analysis Report for Aug 01, 2020 | by Techniquant Editorial Team
Moving lower for the 2nd day in a row, STRATBTC finished Saturday at 0.000047 losing BTC0.000002 (-4.08%) on low volume. Today's close at 0.000047 marks the lowest recorded closing price since July 1st. The bears were in full control today, moving the market lower throughout the whole session.
Daily Candlestick Chart (STRATBTC as at Aug 01, 2020):
Saturday's trading range has been BTC0.000003 (6.12%), that's below the last trading month's daily average range of BTC0.000006. Weekly volatility is also lower, being way below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for STRATBTC.
Two candlestick patterns are matching today's price action, the Bearish Short Candle and the Black Candle which are both known as bearish patterns. The last time a Black Candle showed up on July 27th, STRATBTC actually gained 1.96% on the following trading day.
Although STRAT is currently in a short-term downtrend, this could just be a correction, as both the medium and long-term trends are still bullish.
Further selling might move prices lower should the market test July's close-by low at 0.000045.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bearish Short Candle" stand out. Its common bearish interpretation has been confirmed for STRAT/BTC. Out of 71 times, STRATBTC closed lower 47.89% 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 53.52% with an average market move of -1.00%.
With seven out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are XRPUSD gaining 12.04% and ETHUSD closing 11.71% higher. None of the markets ended the day in the red. Looking at the other Minor Cryptocurrencies, the winners of the day have been ZECUSD surging 19.59% and DOGEUSD closing 15.6% higher. The worst performers of the day have been ARDRBTC tanking -4.0% and XVGBTC closing -3.77% lower. Read more