WAVESUSD rises to highest close since February 23rd
Waves/US Dollar Index (WAVESUSD) Technical Analysis Report for Mar 16, 2019 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, WAVESUSD finished Saturday at 2.80 gaining $0.03 (1.08%) on high volume. Today's close at 2.80 marks the highest recorded closing price since February 23rd. The bears were in full control today, moving the market lower throughout the whole session. Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range in a lackluster session.
Daily Candlestick Chart (WAVESUSD as at Mar 16, 2019):
Saturday's trading range has been $0.07 (2.46%), that's far below the last trading month's daily average range of $0.12. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for WAVESUSD.
Three candlestick patterns are matching today's price action, the Tweezer Top which is known as bullish pattern and two bearish patterns, the Bearish Short Candle and the Black Candle. The last time a Tweezer Top showed up on December 3, 2018, WAVESUSD gained 45.07% on the following trading day.
After having been unable to move above 2.85 in the prior session, the cryptocurrency ran into sellers again around the same price level today, failing to move higher than 2.85.
WAVES/USD shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish.
Selling might speed up should prices move below the nearby swing low at 2.67 where further sell stops could get activated. Further buying might move prices higher should the market test February's close-by high at 2.93.
Among the eight 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/USD. Out of 24 times, WAVESUSD closed lower 50.00% 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 87.50% with an average market move of -9.05%.
With seven out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are BCHUSD gaining 8.19% and LTCUSD closing 4.83% higher. None of the markets ended the day in the red. Looking at the other Minor Cryptocurrencies, the winners of the day have been BCHBTC surging 5.72% and LTCGBP closing 5.01% higher. The worst performers of the day have been SCBTC tanking -5.56% and KMDBTC closing -5.06% lower. Read more