XEMBTC closes within prior day's range after lackluster session
XEM/Bitcoin Index (XEMBTC) Technical Analysis Report for Nov 09, 2019 | by Techniquant Editorial Team
XEMBTC finished Saturday at 0.00000446 flat on low volume. 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 (XEMBTC as at Nov 09, 2019):
Saturday's trading range has been BTC0.00000008 (1.79%), that's far below the last trading month's daily average range of BTC0.00000020. Weekly volatility is also lower, being way below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for XEMBTC.
During the whole day, prices traded within the prior day's range, unable to trade above the previous day's high or below the prior day's low forming an Inside Bar. Additionally, two candlestick patterns are matching today's price action, the Southern Doji which is known as bullish pattern and one neutral pattern, the Doji. The last time a Doji showed up on October 22nd, XEMBTC gained 1.23% on the following trading day.
Prices are trading close to the key technical support level at 0.00000441 (S1). After having been unable to move lower than 0.00000441 in the previous session, XEM/BTC found buyers again around the same price level today at 0.00000443.
Although NEM 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 accelerate should prices move above the close-by swing high at 0.00000466 where further buy stops might get activated. Selling could speed up should prices move below the nearby swing low at 0.00000441 where further sell stops might get triggered. With prices trading close to this year's low at 0.00000406, downside momentum could accelerate should the cryptocurrency break out to new lows for the year. Further selling might move prices lower should the market test October's close-by low at 0.00000420.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Close to Swing High" stand out. While it is usually interpreted as neutral, it has actually shown to be bearish for XEM/BTC. Out of 531 times, XEMBTC closed lower 57.25% 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 two trading days, showing a win rate of 58.38% with an average market move of -0.11%.
With five out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are LTCUSD gaining 2.57% and BCHUSD closing 1.29% higher. On the flipside the worst performers have been ETCUSD closing -0.8% lower and BTCUSD losing -0.16%. Looking at the other Minor Cryptocurrencies, the winners of the day have been KMDBTC surging 19.83% and KMDUSD closing 19.72% higher. The worst performers of the day have been SCBTC tanking -4.35% and PIVXBTC closing -4.06% lower. Read more