VETBTC closes higher for the 2nd day in a row
VeChain/Bitcoin Index (VETBTC) Technical Analysis Report for Oct 18, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, VETBTC ended Sunday at 0.00000102 gaining BTC0.00000005 (5.15%).
Daily Candlestick Chart (VETBTC as at Oct 18, 2020):
Sunday's trading range has been BTC0.00000008 (8.25%), that's slightly above the last trading month's daily average range of BTC0.00000007. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for VETBTC.
One bullish candlestick pattern matches today's price action, the White Candle.
After trading down to 0.00000096 earlier during the day, the cryptocurrency bounced off the key technical support level at 0.00000096 (S1). The failure to close below the support might increase that levels significance as support going forward. When prices bounced off a significant support level the last time on Wednesday, VETBTC actually lost -1.03% on the following trading day.
While VET/BTC is experiencing a short-term uptrend, this could just be a correction, as both the medium and long-term trends are still bearish.
Buying might speed up should prices move above the nearby swing high at 0.00000107 where further buy stops could get activated.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bounced off Technical Support S1" stand out. Although it is usually interpreted as bullish, it has actually shown to be bearish for VET/BTC. Out of 71 times, VETBTC closed lower 56.34% 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 57.75% with an average market move of -3.07%.
With six out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are ETHUSD gaining 2.69% and BCHUSD closing 1.76% higher. On the flipside the worst performer has been ETCUSD closing -0.36% lower. Looking at the other Minor Cryptocurrencies, the winners of the day have been BCNUSD surging 13.16% and XMRUSD closing 3.82% higher. The worst performers of the day have been WAVESBTC tanking -5.27% and WAVESUSD closing -4.08% lower. Read more