STRATBTC closes within previous day's range after lackluster session
Stratis/Bitcoin Index (STRATBTC) Technical Analysis Report for Oct 17, 2020 | by Techniquant Editorial Team
STRATBTC ended Saturday at 0.000037 gaining BTC0.000001 (2.78%) on low volume. The bulls were in full control today, moving the market higher throughout the whole session. Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range in a lackluster session.
Daily Candlestick Chart (STRATBTC as at Oct 17, 2020):
Saturday's trading range has been BTC0.000001 (2.78%), that's far below the last trading month's daily average range of BTC0.000002. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently strongly lower than usual for STRATBTC.
After moving lower in the prior session, the market managed to close higher but below the previous day's open, forming a bullish Harami Candle. Additionally, three candlestick patterns are matching today's price action, the Bullish Short Candle, the Tweezer Bottom and the White Candle which are known as bullish patterns. The last time a Bullish Short Candle showed up on September 24th, STRATBTC gained 24.32% on the following trading day.
After having been unable to move lower than 0.000036 in the prior session, STRAT/BTC found buyers again around the same price level today at 0.000036.
Crossing above the lower Bollinger Band, prices have lost at least some of their downward momentum in the short-term and could now be heading back up towards the mean of the Bollinger Bands at 0.000039.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Among the nine market conditions that our pattern recognition engine identified today, the statistics for the Technical Indicators based market condition "Close crossed above the lower Bollinger Band" stand out. Though it is usually interpreted as bullish, it has actually shown to be bearish for STRAT/BTC. Out of 38 times, STRATBTC closed lower 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 short side has been after 10 trading days, showing a win rate of 65.79% with an average market move of -7.10%.
With four out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are ETHUSD gaining 0.81% and BTCUSD closing 0.37% higher. On the flipside the worst performers have been BCHUSD closing -2.05% lower and LTCUSD losing -1.43%. Looking at the other Minor Cryptocurrencies, the winners of the day have been WAVESUSD surging 8.14% and WAVESBTC closing 7.59% higher. The worst performers of the day have been BCNUSD tanking -10.94% and BCHBTC closing -2.26% lower. Read more