VETBTC closes lower for the 2nd day in a row

VeChain/Bitcoin Index (VETBTC) Technical Analysis Report for Aug 01, 2020 | by Techniquant Editorial Team


VETBTC finds support at 50-day moving average
VETBTC closes lower for the 2nd day in a row
VETBTC still stuck within tight trading range
VETBTC closes within previous day's range


Moving lower for the 2nd day in a row, VETBTC finished Saturday at 0.00000147 losing BTC0.00000004 (-2.65%). Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range.

Daily Candlestick Chart (VETBTC as at Aug 01, 2020):

Daily technical analysis candlestick chart for VeChain/Bitcoin Index (VETBTC) as at Aug 01, 2020

Saturday's trading range has been BTC0.00000013 (8.61%), that's slightly below the last trading month's daily average range of BTC0.00000017. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently significantly lower than usual for VETBTC. Prices continued to consolidate within a tight trading range between 0.00000136 and 0.00000166 where it has been caught now for the whole last trading week.

After trading as low as 0.00000142 during the day, the market found support at the 50-day moving average at 0.00000144. The last time this happened on July 27th, VETBTC gained 3.55% on the following trading day.

While VET/BTC is currently in a short-term downtrend, this might just be a correction, as both the medium and long-term trends are still bullish.

Selling could accelerate should prices move below the close-by swing low at 0.00000136 where further sell stops might get triggered.

Among the three market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Close to Swing Low" stand out. Although it is usually interpreted as neutral, it has actually shown to be bearish for VET/BTC. Out of 274 times, VETBTC closed lower 48.18% 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 two trading days, showing a win rate of 50.00% with an average market move of -0.32%.

With seven out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are XRPUSD gaining 12.04% and ETHUSD closing 11.71% higher. None of the markets ended the day in the red. Looking at the other Minor Cryptocurrencies, the winners of the day have been ZECUSD surging 19.59% and DOGEUSD closing 15.6% higher. The worst performers of the day have been STRATBTC tanking -4.08% and ARDRBTC closing -4.0% lower. Read more

Market Conditions for VETBTC as at Aug 01, 2020

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