WAVESBTC closes lower for the 2nd day in a row
Waves/Bitcoin Index (WAVESBTC) Technical Analysis Report for Oct 26, 2020 | by Techniquant Editorial Team
Moving lower for the 2nd day in a row, WAVESBTC ended Monday at 0.0002428 losing BTC0.0000089 (-3.54%). The bears were in full control today, moving the market lower throughout the whole session. Closing below Sunday's low at 0.0002515, the cryptocurrency confirmed its breakout through the previous session low after trading up to BTC0.0000115 below it intraday.
Daily Candlestick Chart (WAVESBTC as at Oct 26, 2020):
Monday's trading range has been BTC0.0000119 (4.73%), that's slightly below the last trading month's daily average range of BTC0.0000184. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for WAVESBTC.
One bearish candlestick pattern matches today's price action, the Black Candle.
Prices are trading close to the key technical resistance level at 0.0002530 (R1).
While WAVES/BTC is currently in a short-term downtrend, this might just be a correction, as both the medium and long-term trends are still bullish.
Selling could speed up should prices move below the nearby swing low at 0.0002354 where further sell stops might get activated.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Close to Swing Low" stand out. Though it is usually interpreted as neutral, it has actually shown to be bearish for WAVES/BTC. Out of 656 times, WAVESBTC closed lower 52.74% 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 60.52% with an average market move of -0.52%.