VETBTC closes within previous day's range after lackluster session
VeChain/Bitcoin Index (VETBTC) Technical Analysis Report for Nov 10, 2018 | by Techniquant Editorial Team
VETBTC ended Saturday at 0.00000161 edging higher BTC0.00000001 (0.62%) on low volume. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range in a lackluster session.
Daily Candlestick Chart (VETBTC as at Nov 10, 2018):
Saturday's trading range has been BTC0.00000005 (3.14%), that's below the last trading month's daily average range of BTC0.00000009. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently just the same than usual for VETBTC.
Prices are trading close to the key technical resistance level at 0.00000166 (R1). After having been unable to move lower than 0.00000157 in the prior session, the market found buyers again around the same price level today at 0.00000158. The last time this happened on Thursday, VETBTC actually lost -1.23% on the following trading day.
Buying might accelerate should prices move above the nearby swing high at 0.00000174 where further buy stops could get triggered. Selling might speed up should prices move below the close-by swing low at 0.00000157 where further sell stops could get activated. With prices trading close to this year's low at 0.00000101, downside momentum might accelerate should VeChain break out to new lows for the year. Further buying could move prices higher should the market test October's nearby high at 0.00000209.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Close to R1 Resistance" stand out. Though it is usually interpreted as bearish, it has actually shown to be bullish for VET/BTC. Out of 1 times, VETBTC closed higher 100.00% of the time on the next trading day after the market condition occurred.
With six out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are BCHUSD gaining 1.7% and ETHUSD closing 1.26% higher. On the flipside the worst performer has been ETCUSD closing -0.11% lower. Looking at the other Minor Cryptocurrencies, the winners of the day have been XEMUSD surging 5.34% and DOGEUSD closing 3.88% higher. The worst performers of the day have been ZECUSD tanking -2.84% and ZECBTC closing -2.72% lower. Read more