STRATUSD fails to close above 50-day moving average
Stratis/US Dollar Index (STRATUSD) Technical Analysis Report for Nov 10, 2019 | by Techniquant Editorial Team
STRATUSD finished Sunday at 0.32 flat. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Daily Candlestick Chart (STRATUSD as at Nov 10, 2019):
Sunday's trading range has been $0.01 (3.13%), that's below the last trading month's daily average range of $0.02. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for STRATUSD.
Three candlestick patterns are matching today's price action, the Southern Doji which is known as bullish pattern, one bearish pattern, the Gravestone Doji and one neutral pattern, the Doji. The last time a Southern Doji showed up on October 24th, STRATUSD gained 3.45% on the following trading day.
After spiking up to 0.33 during the day, the cryptocurrency found resistance at the 50-day moving average at 0.32.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Selling might speed up should prices move below the close-by swing low at 0.30 where further sell stops could get activated.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Southern Doji" stand out. Its common bullish interpretation has been confirmed for STRAT/USD. Out of 47 times, STRATUSD closed higher 46.81% 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 59.57% with an average market move of 7.58%.
With six out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are BCHUSD gaining 3.73% and EOSUSD closing 3.16% higher. On the flipside the worst performer has been XRPUSD closing -0.14% lower. Looking at the other Minor Cryptocurrencies, the winners of the day have been XLMUSD surging 8.52% and VETBTC closing 6.78% higher. The worst performers of the day have been KMDBTC tanking -9.82% and KMDUSD closing -7.06% lower. Read more