WAVESBTC closes within previous day's range after lackluster session
Waves/Bitcoin Index (WAVESBTC) Technical Analysis Report for Jan 12, 2019 | by Techniquant Editorial Team
WAVESBTC finished Saturday at 0.0007122 gaining BTC0.0000084 (1.19%) on low volume. Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range in a lackluster session.
Daily Candlestick Chart (WAVESBTC as at Jan 12, 2019):
Saturday's trading range has been BTC0.0000274 (3.89%), that's below the last trading month's daily average range of BTC0.0000469. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently strongly lower than usual for WAVESBTC. Prices continued to consolidate within a tight trading range between 0.0006952 and 0.0007484 where it has been caught now for the whole last trading week.
One bullish candlestick pattern matches today's price action, the Bullish Spinning Top. The last time a Bullish Spinning Top showed up on Thursday, WAVESBTC actually lost -1.32% on the following trading day.
The market found buyers again today around 0.0006964 for the third trading day in a row after having found demand at 0.0006979 in the prior session and at 0.0006952 two days ago.
Though Waves is currently in a short-term downtrend, this might just be a correction, as both the medium and long-term trends are still bullish.
Buying could speed up should prices move above the close-by swing high at 0.0007350 where further buy stops might get triggered. Selling could accelerate should prices move below the nearby swing low at 0.0006952 where further sell stops might get activated.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Close to Swing High" stand out. While it is usually interpreted as neutral, it has actually shown to be bearish for WAVES/BTC. Out of 309 times, WAVESBTC closed lower 54.69% of the time on the next trading day after the market condition occurred.
With five out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are BCHUSD gaining 3.0% and ETCUSD closing 1.55% higher. On the flipside the worst performers have been ETHUSD closing -0.72% lower and BTCUSD losing -0.05%. Looking at the other Minor Cryptocurrencies, the winners of the day have been HSRBTC surging 48.59% and LSKUSD closing 6.56% higher. The worst performers of the day have been TRXUSD tanking -7.9% and TRXBTC closing -6.57% lower. Read more