WAVESBTC pushes through Saturday's high
Waves/Bitcoin Index (WAVESBTC) Technical Analysis Report for Nov 10, 2019 | by Techniquant Editorial Team
WAVESBTC finished Sunday at 0.0000883 gaining BTC0.0000010 (1.15%). Closing above Saturday's high at 0.0000880, Waves confirmed its breakout through the prior session high after trading up to BTC0.0000018 above it intraday.
Daily Candlestick Chart (WAVESBTC as at Nov 10, 2019):
Sunday's trading range has been BTC0.0000026 (2.97%), that's 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 0.0000898 where it has been caught now for the whole last trading week.
One bearish candlestick pattern matches today's price action, the Bearish Hikkake Pattern.
The market managed to close above the 20-day moving average at 0.0000880 for the first time since October 14th. After having been unable to move lower than 0.0000870 in the previous session, the cryptocurrency found buyers again around the same price level today at 0.0000872. The last time this happened on Friday, WAVESBTC actually lost -0.68% on the following trading day.
Although WAVES/BTC is experiencing a short-term uptrend, this might just be a correction, as both the medium and long-term trends are still bearish.
Selling could accelerate should prices move below the close-by swing low at 0.0000857 where further sell stops might get activated.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bullish Break through SMA 20" stand out. While it is usually interpreted as bullish, it has actually shown to be bearish for WAVES/BTC. Out of 52 times, WAVESBTC closed lower 61.54% 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 67.31% with an average market move of -2.39%.
With six out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are BCHUSD gaining 3.73% and EOSUSD closing 3.16% higher. On the flipside the worst performer has been XRPUSD closing -0.14% lower. Looking at the other Minor Cryptocurrencies, the winners of the day have been XLMUSD surging 8.52% and VETBTC closing 6.78% higher. The worst performers of the day have been KMDBTC tanking -9.82% and KMDUSD closing -7.06% lower. Read more