STRATBTC finds buyers around 0.000036 for the third day in a row


Stratis/Bitcoin Index (STRATBTC) Technical Analysis Report for Oct 18, 2020 | by Techniquant Editorial Team

Highlights

STRATBTC finds buyers around 0.000036 for the third day in a row
STRATBTC dominated by bears dragging the market lower throughout the day
STRATBTC ends the day on a bearish note closing near the low of the day

Overview

STRATBTC finished Sunday at 0.000036 losing BTC0.000001 (-2.7%). The bears were in full control today, moving the market lower throughout the whole session. Ending with a weak close near the low of the day sets a bearish note for the next session.

Daily Candlestick Chart (STRATBTC as at Oct 18, 2020):

Daily technical analysis candlestick chart for Stratis/Bitcoin Index (STRATBTC) as at Oct 18, 2020

Sunday's trading range has been BTC0.000001 (2.7%), 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.

Four candlestick patterns are matching today's price action, the Last Engulfing Bottom Pattern and the Tweezer Bottom which are both known as bullish patterns and two bearish patterns, the Bearish Short Candle and the Black Candle. The last time a Black Candle showed up on Friday, STRATBTC actually gained 2.78% on the following trading day.

The cryptocurrency found buyers again today around 0.000036 for the third trading day in a row after having found demand at 0.000036 in the previous session and at 0.000036 two days ago.

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

Among the 10 market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Tweezer Bottom" stand out. Its common bullish interpretation has been confirmed for STRAT/BTC. Out of 126 times, STRATBTC closed higher 50.00% 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 53.17% with an average market move of 4.18%.

With six out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are ETHUSD gaining 2.69% and BCHUSD closing 1.76% higher. On the flipside the worst performer has been ETCUSD closing -0.36% lower. Looking at the other Minor Cryptocurrencies, the winners of the day have been BCNUSD surging 13.16% and VETBTC closing 5.15% higher. The worst performers of the day have been WAVESBTC tanking -5.27% and WAVESUSD closing -4.08% lower. Read more


Market Conditions for STRATBTC as at Oct 18, 2020

Loading Market Conditions for STRATBTC (Stratis/Bitcoin Index)...
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