TRXUSD closes within previous day's range after lackluster session
Tron/US Dollar Index (TRXUSD) Technical Analysis Report for Nov 09, 2019 | by Techniquant Editorial Team
TRXUSD finished Saturday at 0.01895 gaining $0.00018 (0.96%). Closing within the previous day's range, prices missed to decisively move beyond the prior day's trading range in a lackluster session.
Daily Candlestick Chart (TRXUSD as at Nov 09, 2019):
Saturday's trading range has been $0.00031 (1.65%), that's far below the last trading month's daily average range of $0.00136. 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 TRXUSD.
During the whole day, prices traded within the previous day's range, unable to trade above the prior day's high or below the previous day's low forming an Inside Bar. After moving lower in the prior session, TRX managed to close higher but below the previous day's open, forming a bullish Harami Candle. Additionally, two candlestick patterns are matching today's price action, the Bullish Short Candle and the White Candle which are both known as bullish patterns. The last time a White Candle showed up on October 29th, TRXUSD actually lost -8.70% on the following trading day.
Prices are trading close to the key technical resistance level at 0.01919 (R1).
Tron shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend still being bullish.
Selling could speed up should prices move below the close-by swing low at 0.01862 where further sell stops might get activated.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bullish Harami Candle" stand out. While it is usually interpreted as bullish, it has actually shown to be bearish for TRON/USD. Out of 30 times, TRXUSD closed lower 66.67% 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 10 trading days, showing a win rate of 63.33% with an average market move of -4.91%.
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