WAVESBTC finds buyers at key support level
Waves/Bitcoin Index (WAVESBTC) Technical Analysis Report for Oct 17, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, WAVESBTC finished Saturday at 0.0002806 surging BTC0.0000198 (7.59%) on high volume. Today's close at 0.0002806 marks the highest recorded closing price since September 13th. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range.
Daily Candlestick Chart (WAVESBTC as at Oct 17, 2020):
Saturday's trading range has been BTC0.0000418 (16.03%), that's far above the last trading month's daily average range of BTC0.0000164. Weekly volatility is also higher, being way above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for WAVESBTC.
After trading down to 0.0002552 earlier during the day, WAVES/BTC bounced off the key technical support level at 0.0002559 (S1). The failure to close below the support could increase that levels importance as support going forward. When prices bounced off a significant support level the last time on September 25th, WAVESBTC gained 4.79% on the following trading day. After having been unable to move above 0.0002933 in the previous session, the market ran into sellers again around the same price level today, missing to move higher than 0.0002970.
With another close above the upper Bollinger Band, prices are confirming their strong upward momentum in the short-term. A drop back into the Bollinger Band on the next trading day although might signal a potential change in momentum that could lead to a correction back down towards the center of the Bollinger Bands at 0.0002273.
The cryptocurrency shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish.
Among the seven market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Strong Up Move" stand out. Though it is usually interpreted as bullish, it has actually shown to be bearish for WAVES/BTC. Out of 123 times, WAVESBTC closed lower 56.10% of the time on the next trading day after the market condition occurred.
With four out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are ETHUSD gaining 0.81% and BTCUSD closing 0.37% higher. On the flipside the worst performers have been BCHUSD closing -2.05% lower and LTCUSD losing -1.43%. Looking at the other Minor Cryptocurrencies, the winners of the day have been WAVESUSD surging 8.14% and SCBTC closing 4.17% higher. The worst performers of the day have been BCNUSD tanking -10.94% and BCHBTC closing -2.26% lower. Read more