XEMBTC dominated by bears dragging the market lower throughout the day
Moving lower for the 2nd day in a row, XEMBTC ended Saturday at 0.00001720 tanking BTC0.00000127 (-6.88%). This is the biggest single day loss in over three weeks. Today's closing price of 0.00001720 marks the lowest close since December 7, 2017. The bears were in full control today, moving the market lower throughout the whole session. Closing below Friday's low at 0.00001840, the cryptocurrency confirms its breakout through the prior session's low having traded BTC0.00000126 below it intraday. Ending with a weak close near the low of the day sets a bearish note for the next session.
Saturday's trading range was BTC0.00000146 (7.85%), that's far above last trading month's daily average range of BTC0.00000090. Weekly volatility is also higher, being slightly above the markets average with the monthly volatility being slightly above average.
Breaking below the key support level at 0.00001837 today, it is now likely to act as resistance going forward.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
While classical technical analysis indicates a bearish sentiment for the next trading day, our quantitative statistics show a different picture being bullish.
Market Conditions for XEM/BTC Index
|2 Consecutive Lower Closes||TQ Pro Members Only|
|Closed below last periods low||TQ Pro Members Only|
|RSI(2) below 20||TQ Pro Members Only|
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