TRXBTC closes higher for the 2nd day in a row
Tron/Bitcoin Index (TRXBTC) Technical Analysis Report for Nov 09, 2019 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, TRXBTC ended Saturday at 0.00000215 gaining BTC0.00000001 (0.47%) on low volume.
Daily Candlestick Chart (TRXBTC as at Nov 09, 2019):
Saturday's trading range has been BTC0.00000003 (1.4%), that's below the last trading month's daily average range of BTC0.00000013. Weekly volatility is also lower, being way below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for TRXBTC. Prices continued to consolidate within a tight trading range between 0.00000206 and 0.00000216 where it has been caught now for the last three trading days.
One bearish candlestick pattern matches today's price action, the Bearish Hikkake Pattern. The last time a Bearish Hikkake Pattern showed up on September 26th, TRXBTC actually gained 4.40% on the following trading day.
Prices are trading close to the key technical support level at 0.00000210 (S1).
Although TRON/BTC is currently in a short-term downtrend, this might just be a correction, as both the medium and long-term trends are still bullish.
Buying could speed up should prices move above the close-by swing high at 0.00000220 where further buy stops might get triggered. Selling could accelerate should prices move below the nearby swing low at 0.00000206 where further sell stops might get activated.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "2 Consecutive Higher Closes" stand out. While it is usually interpreted as bullish, it has actually shown to be bearish for TRON/BTC. Out of 76 times, TRXBTC closed lower 56.58% of the time on the next trading day after the market condition occurred.
With five out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are LTCUSD gaining 2.57% and BCHUSD closing 1.29% higher. On the flipside the worst performers have been ETCUSD closing -0.8% lower and BTCUSD losing -0.16%. Looking at the other Minor Cryptocurrencies, the winners of the day have been KMDBTC surging 19.83% and KMDUSD closing 19.72% higher. The worst performers of the day have been SCBTC tanking -4.35% and PIVXBTC closing -4.06% lower. Read more