STRATBTC dominated by bulls lifting the market higher throughout the day


Stratis/Bitcoin Index (STRATBTC) Technical Analysis Report for Oct 23, 2020 | by Techniquant Editorial Team

Highlights

STRATBTC dominated by bulls lifting the market higher throughout the day
STRATBTC finds buyers again around 0.000032
STRATBTC closes within previous day's range after lackluster session

Overview

STRATBTC finished the week -8.33% lower at 0.000033 after gaining BTC0.000001 (3.12%) today. The bulls were in full control today, moving the market higher throughout the whole session. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range in a lackluster session.

Daily Candlestick Chart (STRATBTC as at Oct 23, 2020):

Daily technical analysis candlestick chart for Stratis/Bitcoin Index (STRATBTC) as at Oct 23, 2020

Friday's trading range has been BTC0.000001 (3.13%), 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 slightly lower than usual for STRATBTC.

Regardless of a weak opening STRAT managed to close above the previous day's open and close, forming a bullish Engulfing Candle. After moving lower in the prior session, STRAT/BTC 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.

After having been unable to move lower than 0.000032 in the prior session, the cryptocurrency found buyers again around the same price level today at 0.000032. The last time this happened on October 18th, STRATBTC actually lost -2.78% on the following trading day.

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 0.000037.

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

Selling might accelerate should prices move below the nearby swing low at 0.000031 where further sell stops could get triggered. With prices trading close to this year's low at 0.000030, downside momentum might speed up should Stratis break out to new lows for the year.

Among the 11 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 39 times, STRATBTC closed lower 64.10% 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 64.10% with an average market move of -7.10%.


Market Conditions for STRATBTC as at Oct 23, 2020

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