WAVESBTC closes within previous day's range
Waves/Bitcoin Index (WAVESBTC) Technical Analysis Report for Oct 18, 2020 | by Techniquant Editorial Team
WAVESBTC finished Sunday at 0.0002658 losing BTC0.0000148 (-5.27%). Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range.
Daily Candlestick Chart (WAVESBTC as at Oct 18, 2020):
Sunday's trading range has been BTC0.0000229 (8.16%), that's slightly above the last trading month's daily average range of BTC0.0000171. 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.
During the whole day, prices traded within the prior day's range, unable to trade above the previous day's high or below the prior day's low forming an Inside Bar. Additionally, one bearish candlestick pattern matches today's price action, the Black Candle.
Prices are trading close to the key technical support level at 0.0002559 (S1).
Crossing below the upper Bollinger Band, prices have lost at least some of their upward momentum in the short-term and could now be heading back down towards the mean of the Bollinger Bands at 0.0002293. The last time this happened on August 18th, WAVESBTC lost -7.59% on the following trading day.
The cryptocurrency shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the Technical Indicators based market condition "Close crossed below the upper Bollinger Band" stand out. Its common bearish interpretation has been confirmed for WAVES/BTC. Out of 44 times, WAVESBTC closed lower 59.09% of the time on the next trading day after the market condition occurred.
With six out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are ETHUSD gaining 2.69% and BCHUSD closing 1.76% higher. On the flipside the worst performer has been ETCUSD closing -0.36% lower. Looking at the other Minor Cryptocurrencies, the winners of the day have been BCNUSD surging 13.16% and VETBTC closing 5.15% higher. The worst performers of the day have been WAVESUSD tanking -4.08% and XLMBTC closing -3.89% lower. Read more