VETBTC unable to break through key resistance level
VeChain/Bitcoin Index (VETBTC) Technical Analysis Report for Oct 13, 2018 | by Techniquant Editorial Team
VETBTC ended Saturday at 0.0000018 flat. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Daily Candlestick Chart (VETBTC as at Oct 13, 2018):
Saturday's trading range has been BTC0.0000001 (5.56%), that's slightly above the last trading month's daily average range of BTC0.0000001. Weekly volatility is also higher, being slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently lower than usual for VETBTC.
Even with a weak opening the cryptocurrency managed to close above the prior day's open and close, forming a bullish Engulfing Candle. Additionally, four candlestick patterns are matching today's price action, the Last Engulfing Bottom Pattern, the Southern Doji and the Tweezer Bottom which are known as bullish patterns and one neutral pattern, the Doji.
Unable to break through the key technical resistance level at 0.0000019 (R1), VET/BTC closed below it after spiking up to 0.0000019 earlier during the day. The failure to close above the resistance might increase that levels significance going forward. VeChain found buyers again today around 0.0000018 for the third trading day in a row after having found demand at 0.0000018 in the previous session and at 0.0000018 two days ago. The last time this happened on Wednesday, VETBTC actually lost -10.00% on the following trading day.
With another close below the lower Bollinger Band, prices are confirming their strong downward momentum in the short-term. A rally back into the Bollinger Band on the next trading day although could signal a potential change in momentum that might lead to a correction back up towards the center of the Bollinger Bands at 0.0000020.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Among the 12 market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Close to R1 Resistance" stand out. Its common bearish interpretation has been confirmed for VET/BTC. Out of 182 times, VETBTC closed lower 48.90% 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 ETHUSD gaining 1.6% and EOSUSD closing 1.54% higher. On the flipside the worst performer has been XRPUSD closing -0.38% lower. Looking at the other Minor Cryptocurrencies, the winners of the day have been STEEMBTC surging 5.26% and SCBTC closing 4.08% higher. The worst performers of the day have been BCNUSD tanking -4.43% and BTGBTC closing -2.26% lower. Read more