STRATUSD finds buyers around 0.41 for the third day in a row


Stratis/US Dollar Index (STRATUSD) Technical Analysis Report for Oct 18, 2020 | by Techniquant Editorial Team

Highlights

STRATUSD finds buyers around 0.41 for the third day in a row
STRATUSD closes below its opening price unable to hold early session gains
STRATUSD fails to close above 20-day moving average
STRATUSD ends the day on a bearish note closing near the low of the day

Overview

STRATUSD ended Sunday at 0.41 losing $0.01 (-2.38%). Trading $0.01 higher after the open, the market was unable to hold its gains as the bears took control ending the day below its opening price. Ending with a weak close near the low of the day sets a bearish note for the next session.

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

Daily technical analysis candlestick chart for Stratis/US Dollar Index (STRATUSD) as at Oct 18, 2020

Sunday's trading range has been $0.02 (4.76%), that's slightly below the last trading month's daily average range of $0.02. 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 STRATUSD.

Two candlestick patterns are matching today's price action, the Last Engulfing Bottom Pattern and the Tweezer Bottom which are both known as bullish patterns.

After spiking up to 0.43 during the day, STRAT/USD found resistance at the 20-day moving average at 0.43. Strat found buyers again today around 0.41 for the third trading day in a row after having found demand at 0.41 in the previous session and at 0.41 two days ago. The last time this happened on Thursday, STRATUSD actually lost -6.82% on the following trading day.

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

Selling might accelerate should prices move below the close-by swing low at 0.40 where further sell stops could get triggered. Further selling might move prices lower should the market test September's nearby low at 0.37.

Among the nine 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/USD. Out of 109 times, STRATUSD closed higher 49.54% 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 49.54% with an average market move of 1.23%.

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 STRATUSD as at Oct 18, 2020

Loading Market Conditions for STRATUSD (Stratis/US Dollar Index)...
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STRATUSD closes within prior day's range

Oct 26, 2020
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