XEMBTC closes below its opening price unable to hold early session gains
XEM/Bitcoin Index (XEMBTC) Technical Analysis Report for Nov 10, 2019 | by Techniquant Editorial Team
XEMBTC finished Sunday at 0.00000446 flat on low volume. Trading BTC0.00000006 higher after the open, XEM/BTC was unable to hold its gains as the bears took control ending the day below its opening price. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range in a lackluster session.
Daily Candlestick Chart (XEMBTC as at Nov 10, 2019):
Sunday'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 below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for XEMBTC. Prices continued to consolidate within a tight trading range between 0.00000441 and 0.00000457 where it has been caught now for the last three trading days.
Two candlestick patterns are matching today's price action, the Last Engulfing Bottom Pattern which is known as bullish pattern and one bearish pattern, the Bearish Hikkake Pattern. The last time a Last Engulfing Bottom Pattern showed up on October 16th, XEMBTC gained 18.78% 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 0.00000443 in the previous session, the market found buyers again around the same price level today at 0.00000445.
Though the cryptocurrency is experiencing a short-term uptrend, this could just be a correction, as both the medium and long-term trends are still bearish.
Buying might speed up should prices move above the nearby swing high at 0.00000466 where further buy stops could get activated. Selling might accelerate should prices move below the close-by swing low at 0.00000441 where further sell stops could get triggered. With prices trading close to this year's low at 0.00000406, downside momentum might speed up should NEM break out to new lows for the year. Further selling could move prices lower should the market test October's nearby low at 0.00000420.
Among the eight market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bearish Hikkake Pattern" stand out. Its common bearish interpretation has been confirmed for XEM/BTC. Out of 106 times, XEMBTC closed lower 60.38% of the time on the next trading day after the market condition occurred.
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