STRATUSD dominated by bears dragging the market lower throughout the day
Stratis/US Dollar Index (STRATUSD) Technical Analysis Report for Mar 16, 2019 | by Techniquant Editorial Team
STRATUSD ended Saturday at 0.96 losing $0.02 (-2.04%). The bears were in full control today, moving the market lower throughout the whole session. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range.
Daily Candlestick Chart (STRATUSD as at Mar 16, 2019):
Saturday's trading range has been $0.05 (5.0%), that's slightly above the last trading month's daily average range of $0.05. Weekly volatility is also higher, being slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for STRATUSD.
Despite a strong opening Strat closed below the prior day's open and close, forming a bearish Engulfing Candle. Additionally, two candlestick patterns are matching today's price action, the Bearish Belt-hold and the Black Candle which are both known as bearish patterns. The last time a Bearish Belt-hold showed up on August 29, 2018, STRATUSD lost -4.97% on the following trading day.
After having been unable to move lower than 0.95 in the previous session, STRAT/USD found buyers again around the same price level today at 0.95.
Crossing below the upper Bollinger Band, prices have lost at least some of their upward momentum in the short-term and could now be heading back down towards the mean of the Bollinger Bands at 0.88.
The market shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bearish Engulfing Candle" stand out. While it is usually interpreted as bearish, it has actually shown to be bullish for STRAT/USD. Out of 29 times, STRATUSD closed higher 65.52% of the time on the next trading day after the market condition occurred.
With seven out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are BCHUSD gaining 8.19% and LTCUSD closing 4.83% higher. None of the markets ended the day in the red. Looking at the other Minor Cryptocurrencies, the winners of the day have been BCHBTC surging 5.72% and LTCGBP closing 5.01% higher. The worst performers of the day have been SCBTC tanking -5.56% and KMDBTC closing -5.06% lower. Read more