TRXBTC closes below its opening price unable to hold early session gains
Tron/Bitcoin Index (TRXBTC) Technical Analysis Report for Nov 10, 2019 | by Techniquant Editorial Team
TRXBTC finished Sunday at 0.00000214 losing BTC0.00000001 (-0.47%) on low volume. Trading BTC0.00000005 higher after the open, Tron was unable to hold its gains as the bears took control ending the day below its opening price. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range.
Daily Candlestick Chart (TRXBTC as at Nov 10, 2019):
Sunday's trading range has been BTC0.00000011 (5.12%), that's slightly below the last trading month's daily average range of BTC0.00000014. 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 0.00000220 where it has been caught now for the whole last trading week.
In a volatile session, prices traded above the prior day's high as well as below the previous day's low, forming a bearish Outside Bar. The last time this happened on August 14th, TRXBTC lost -3.39% on the following trading day. Notwithstanding a strong opening the market 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 Spinning Top and the Bearish High-Wave Candle which are both known as bearish patterns.
After trading as low as 0.00000209 during the day, TRX found support at the 20-day moving average at 0.00000209.
While the cryptocurrency 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 accelerate should prices move above the nearby swing high at 0.00000220 where further buy stops might get activated. Selling could speed up should prices move below the close-by swing low at 0.00000206 where further sell stops might get triggered.
Among the nine market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bearish Outside Bar" stand out. Its common bearish interpretation has been confirmed for TRON/BTC. Out of 25 times, TRXBTC closed lower 72.00% 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 two trading days, showing a win rate of 64.00% with an average market move of -0.67%.
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