VETBTC finds buyers again around 0.00000108


VeChain/Bitcoin Index (VETBTC) Technical Analysis Report for Jan 12, 2019 | by Techniquant Editorial Team

Highlights

VETBTC breaks back above 20-day moving average
VETBTC finds buyers again around 0.00000108
VETBTC closes within previous day's range after lackluster session

Overview

VETBTC finished Saturday at 0.00000110 gaining BTC0.00000002 (1.85%). Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range in a lackluster session.

Daily Candlestick Chart (VETBTC as at Jan 12, 2019):

Daily technical analysis candlestick chart for VeChain/Bitcoin Index (VETBTC) as at Jan 12, 2019

Saturday's trading range has been BTC0.00000004 (3.67%), that's below the last trading month's daily average range of BTC0.00000006. Things look different on the weekly timeframe, where the market's trading range of the last week has been above the market's average weekly trading range. The longer-term, monthly volatility is currently just the same than usual for VETBTC.

During the whole day, prices traded within the prior day's range, unable to trade above the previous day's high or below the prior day's low forming an Inside Bar.

The market managed to close back above the 20-day moving average at 0.00000110. After having been unable to move lower than 0.00000107 in the previous session, VeChain found buyers again around the same price level today at 0.00000108. The last time this happened on Tuesday, VETBTC gained 8.18% on the following trading day.

Although the cryptocurrency is experiencing a short-term uptrend, this might just be a correction, as both the medium and long-term trends are still bearish.

Selling could speed up should prices move below the nearby swing low at 0.00000105 where further sell stops might get triggered. 2018's low at 0.00000101 is within reach and we could see further downside momentum should VET break out beyond.

Among the seven market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Close to S1 Support" stand out. While it is usually interpreted as bullish, it has actually shown to be bearish for VET/BTC. Out of 1 times, VETBTC closed lower 100.00% 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 three trading days, showing a win rate of 100.00% with an average market move of -2.86%.

With five out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are BCHUSD gaining 3.0% and ETCUSD closing 1.55% higher. On the flipside the worst performers have been ETHUSD closing -0.72% lower and BTCUSD losing -0.05%. Looking at the other Minor Cryptocurrencies, the winners of the day have been HSRBTC surging 48.59% and LSKUSD closing 6.56% higher. The worst performers of the day have been TRXUSD tanking -7.9% and TRXBTC closing -6.57% lower. Read more


Market Conditions for VETBTC as at Jan 12, 2019

Loading Market Conditions for VETBTC (VeChain/Bitcoin Index)...
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