VENBTC dominated by bears dragging the market lower throughout the day
VeChain/Bitcoin Index (VETBTC) Technical Analysis Report for Aug 11, 2018 | by Techniquant Editorial Team
Moving lower for the 2nd day in a row, VENBTC ended Saturday at 0.0001442 losing BTC0.0000146 (-9.19%). Today's closing price of 0.0001442 marks the lowest close since December 28, 2017. The bears were in full control today, moving the market lower throughout the whole session. Closing below Friday's low at 0.0001570, the market confirms its breakout through the prior session's low having traded BTC0.0000133 below it intraday. Ending with a weak close near the low of the day sets a bearish note for the next session.
Daily Candlestick Chart (VETBTC as at Aug 11, 2018):
Saturday's trading range was BTC0.0000159 (9.97%), that's below last trading month's daily average range of BTC0.0000366. Things look different on a weekly scale, where volatility is way below the markets average with the monthly volatility being slightly above average.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
With prices trading close to this year's low at 0.0001424, downside momentum could speed up should VEN/BTC break out to new lows for the year.
With seven out of the seven Major Cryptocurrencies closing lower today, the ones that stand out on the negative side are XRPUSD losing -8.28% and ETHUSD closing -6.98% lower. None of the markets managed to end the day in the green. Looking at the other Minor Cryptocurrencies, the winners of the day have been BTCCNY surging 5.28% and WAVESBTC closing 1.9% higher. The worst performers of the day have been ELFBTC tanking -13.38% and IOTUSD closing -12.28% lower. Read more