WAVESUSD dominated by bulls lifting the market higher throughout the day
Waves/US Dollar Index (WAVESUSD) Technical Analysis Report for Nov 10, 2019 | by Techniquant Editorial Team
WAVESUSD finished Sunday at 0.80 gaining $0.03 (3.9%). The bulls were in full control today, moving the market higher throughout the whole session. Closing above Saturday's high at 0.78, Waves confirmed its breakout through the prior session high after trading up to $0.03 above it intraday.
Daily Candlestick Chart (WAVESUSD as at Nov 10, 2019):
Sunday's trading range has been $0.04 (5.19%), that's slightly below the last trading month's daily average range of $0.05. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for WAVESUSD.
Despite a weak opening the market managed to close above the previous day's open and close, forming a bullish Engulfing Candle. Additionally, two candlestick patterns are matching today's price action, the Tweezer Bottom and the White Candle which are both known as bullish patterns.
The cryptocurrency managed to close back above the 20-day moving average at 0.79. When this moving average was crossed above the last time on November 4th, WAVESUSD gained 2.47% on the following trading day. After having been unable to move lower than 0.77 in the prior session, WAVES/USD found buyers again around the same price level today at 0.77.
Although WAVESUSD is experiencing a short-term uptrend, this might just be a correction, as both the medium and long-term trends are still bearish.
Buying could speed up should prices move above the close-by swing high at 0.84 where further buy stops might get activated.
Among the eight 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. Though it is usually interpreted as bullish, it has actually shown to be bearish for WAVES/USD. Out of 44 times, WAVESUSD closed lower 65.91% 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 70.45% with an average market move of -3.22%.
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