VETBTC surges, gaining BTC0.00000013 (20.0%) within a single day on high volume
VeChain/Bitcoin Index (VETBTC) Technical Analysis Report for Nov 21, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, VETBTC ended Saturday at 0.00000078 surging BTC0.00000013 (20.0%) on high volume. This is the biggest single-day gain in over two months. Today's close at 0.00000078 marks the highest recorded closing price since October 28th. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Friday's high at 0.00000067, VET confirmed its breakout through the prior session high after trading up to BTC0.00000011 above it intraday.
Daily Candlestick Chart (VETBTC as at Nov 21, 2020):
Saturday's trading range has been BTC0.00000015 (23.08%), that's far above the last trading month's daily average range of BTC0.00000007. Weekly volatility is also higher, being slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for VETBTC.
Two candlestick patterns are matching today's price action, the Bullish Closing Marubozu and the White Candle which are both known as bullish patterns.
The cryptocurrency managed to close above the 20-day moving average at 0.00000070 for the first time since September 30th. When this moving average was crossed above the last time on September 30th, VETBTC actually lost -4.76% on the following trading day. VET/BTC found buyers again today around 0.00000063 for the third trading day in a row after having found demand at 0.00000062 in the previous session and at 0.00000063 two days ago.
Crossing above the upper Bollinger Band for the first time since July 8th, prices have shown unusually strong upward momentum in the short-term. This might either indicate a potential buying climax after which prices could head back down towards the mean of the Bollinger Bands at 0.00000070 or signal the beginning of a strong momentum breakout leading to even higher prices.
Though VeChain is experiencing a short-term uptrend, this might just be a correction, as both the medium and long-term trends are still bearish.
Among the 15 market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bullish Closing Marubozu" stand out. Its common bullish interpretation has been confirmed for VET/BTC. Out of 7 times, VETBTC closed higher 57.14% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 85.71% with an average market move of 28.04%.