VETBTC climbs to highest close since July 7th
VeChain/Bitcoin Index (VETBTC) Technical Analysis Report for Nov 10, 2019 | by Techniquant Editorial Team
VETBTC ended Sunday at 0.00000063 gaining BTC0.00000004 (6.78%). Today's close at 0.00000063 marks the highest recorded closing price since July 7th. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Saturday's high at 0.00000061, VET confirmed its breakout through the previous session high after trading up to BTC0.00000003 above it intraday.
Daily Candlestick Chart (VETBTC as at Nov 10, 2019):
Sunday's trading range has been BTC0.00000006 (10.34%), that's slightly above the last trading month's daily average range of BTC0.00000005. Weekly volatility is also higher, being above the market's average weekly trading range. The longer-term, monthly volatility is currently notably higher than usual for VETBTC.
Two candlestick patterns are matching today's price action, the White Candle which is known as bullish pattern and one bearish pattern, the Last Engulfing Top Pattern. The last time a Last Engulfing Top Pattern showed up on November 5th, VETBTC actually gained 7.55% on the following trading day.
The cryptocurrency managed to close above the 200-day moving average at 0.00000062 for the first time since April 19th.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the eight market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Closed above last periods high" stand out. Although it is usually interpreted as bullish, it has actually shown to be bearish for VET/BTC. Out of 47 times, VETBTC closed lower 65.96% 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 3.73% and EOSUSD closing 3.16% higher. On the flipside the worst performer has been XRPUSD closing -0.14% lower. Looking at the other Minor Cryptocurrencies, the winners of the day have been XLMUSD surging 8.52% and DOGEUSD closing 6.17% higher. The worst performers of the day have been KMDBTC tanking -9.82% and KMDUSD closing -7.06% lower. Read more