XEMBTC dominated by bears dragging the market lower throughout the day
XEM/Bitcoin Index (XEMBTC) Technical Analysis Report for Aug 11, 2018 | by Techniquant Editorial Team
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 Candlestick Chart (XEMBTC as at Aug 11, 2018):
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.
With seven out of the seven Major Cryptocurrencies closing lower today, the ones that stand out on the negative side are XRPUSD losing -8.28% and ETHUSD closing -6.98% lower. None of the markets managed to end the day in the green. Looking at the other Minor Cryptocurrencies, the winners of the day have been BTCCNY surging 5.28% and WAVESBTC closing 1.9% higher. The worst performers of the day have been ELFBTC tanking -13.38% and IOTUSD closing -12.28% lower. Read more