WAVESBTC runs into sellers again around 0.0000880
Waves/Bitcoin Index (WAVESBTC) Technical Analysis Report for Nov 09, 2019 | by Techniquant Editorial Team
WAVESBTC ended Saturday at 0.0000873 losing BTC0.0000006 (-0.68%) on low volume. Closing within the previous day's range, prices missed to decisively move beyond the prior day's trading range in a lackluster session.
Daily Candlestick Chart (WAVESBTC as at Nov 09, 2019):
Saturday's trading range has been BTC0.0000010 (1.14%), that's far below the last trading month's daily average range of BTC0.0000041. Weekly volatility is also lower, being way below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for WAVESBTC. Prices continued to consolidate within a tight trading range between 0.0000857 and 0.0000897 where it has been caught now for the whole last trading week.
During the whole day, prices traded within the previous day's range, unable to trade above the prior day's high or below the previous day's low forming an Inside Bar. Notwithstanding a strong opening the cryptocurrency closed below the prior day's open and close, forming a bearish Engulfing Candle. Additionally, two candlestick patterns are matching today's price action, the Bearish Short Candle and the Black Candle which are both known as bearish patterns.
Prices are trading close to the key technical support level at 0.0000857 (S1). After having been unable to move above 0.0000883 in the previous session, the market ran into sellers again around the same price level today, missing to move higher than 0.0000880. The last time this happened on November 4th, WAVESBTC actually gained 3.03% on the following trading day.
Although Waves is experiencing a short-term uptrend, this might just be a correction, as both the medium and long-term trends are still bearish.
Buying could accelerate should prices move above the nearby swing high at 0.0000897 where further buy stops might get activated. Selling could speed up should prices move below the close-by swing low at 0.0000857 where further sell stops might get triggered.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bearish Short Candle" stand out. Its common bearish interpretation has been confirmed for WAVES/BTC. Out of 67 times, WAVESBTC closed lower 58.21% 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 65.67% with an average market move of -2.54%.
With five out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are LTCUSD gaining 2.57% and BCHUSD closing 1.29% higher. On the flipside the worst performers have been ETCUSD closing -0.8% lower and BTCUSD losing -0.16%. Looking at the other Minor Cryptocurrencies, the winners of the day have been KMDBTC surging 19.83% and KMDUSD closing 19.72% higher. The worst performers of the day have been SCBTC tanking -4.35% and PIVXBTC closing -4.06% lower. Read more