VETBTC closes lower for the 2nd day in a row


VeChain/Bitcoin Index (VETBTC) Technical Analysis Report for Nov 09, 2019 | by Techniquant Editorial Team

Highlights

VETBTC closes lower for the 2nd day in a row
VETBTC ends the day indecisive

Overview

Moving lower for the 2nd day in a row, VETBTC ended Saturday at 0.00000059 losing BTC0.00000001 (-1.67%). 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 Nov 09, 2019):

Daily technical analysis candlestick chart for VeChain/Bitcoin Index (VETBTC) as at Nov 09, 2019

Saturday's trading range has been BTC0.00000004 (6.67%), that's slightly below the last trading month's daily average range of BTC0.00000005. Things look different on the weekly timeframe, where the market's trading range of the last week has been way above the market's average weekly trading range. The longer-term, monthly volatility is currently strongly higher than usual for VETBTC.

Crossing below the upper Bollinger Band, prices have lost at least some of their upward momentum in the short-term and could now be heading back down towards the mean of the Bollinger Bands at 0.00000046. The last time this happened on October 10th, VETBTC lost 0.00% on the following trading day.

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

Among the two market conditions that our pattern recognition engine identified today, the statistics for the Technical Indicators based market condition "Close crossed below the upper Bollinger Band" stand out. Its common bearish interpretation has been confirmed for VET/BTC. Out of 8 times, VETBTC closed lower 75.00% 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 10 trading days, showing a win rate of 75.00% with an average market move of -14.95%.

With five out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are LTCUSD gaining 2.57% and BCHUSD closing 1.29% higher. On the flipside the worst performers have been ETCUSD closing -0.8% lower and BTCUSD losing -0.16%. Looking at the other Minor Cryptocurrencies, the winners of the day have been KMDBTC surging 19.83% and KMDUSD closing 19.72% higher. The worst performers of the day have been SCBTC tanking -4.35% and PIVXBTC closing -4.06% lower. Read more


Market Conditions for VETBTC as at Nov 09, 2019

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