VENBTC dominated by bears dragging the market lower throughout the day


VeChain/BTC Index (VENBTC) Technical Analysis Report for Aug 11, 2018 [< 1 min read]
Highlights
VENBTC dominated by bears dragging the market lower throughout the day
VENBTC closes lower for the 2nd day in a row
VENBTC ends the day on a bearish note closing near the low of the day
VENBTC breaks below previous session low
VENBTC falls to lowest close since December 28, 2017
TQ Sentiment
Report Sentiment: 60% Bearish
Technical Forecast:
Overview

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 chart for VENBTC
Volatility

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.

Trend

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

Order Flow

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.

Conclusion

While classical technical analysis indicates a slightly bearish sentiment for the next trading day, our quantitative statistics show a different picture being neutral.

Market Conditions for VeChain/BTC Index
Condition Forecast Direction Win Avg Worst Best Events
Decisive Up Move TQ Pro Members Only
White Candle TQ Pro Members Only
Price broke through Technical Resistance R1 TQ Pro Members Only
Closed above last periods high TQ Pro Members Only
2 Consecutive Higher Closes TQ Pro Members Only
More market conditions identified for TQ Pro members...
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