XEMBTC dominated by bears dragging the market lower throughout the day


XEM/BTC Index (XEMBTC) Technical Analysis Report for Aug 11, 2018 [< 1 min read]
Highlights
XEMBTC crashes, loses BTC0.00000127 (-6.88%) within a single day
XEMBTC breaks key support level
XEMBTC dominated by bears dragging the market lower throughout the day
XEMBTC closes lower for the 2nd day in a row
XEMBTC ends the day on a bearish note closing near the low of the day
TQ Sentiment
Report Sentiment: 71% Bearish
Technical Forecast:
Overview

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.

Daily chart for XEMBTC
Volatility

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.

Support/Resistance

Breaking below the key support level at 0.00001837 today, it is now likely to act as resistance going forward.

Trend

The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.

Conclusion

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
Condition Forecast Direction Win Avg Worst Best Events
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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