XEMBTC pushes through Wednesday's high
XEM/Bitcoin Index (XEMBTC) Technical Analysis Report for Nov 21, 2019 | by Techniquant Editorial Team
Moving higher for the 4th day in a row, XEMBTC ended Thursday at 0.00000501 gaining BTC0.00000007 (1.42%). Trading up to BTC0.00000008 lower after the open, NEM managed to reverse during the session as bulls took control ending the day above its opening price. Closing above Wednesday's high at 0.00000498, the cryptocurrency confirmed its breakout through the previous session high after trading up to BTC0.00000010 above it intraday.
Daily Candlestick Chart (XEMBTC as at Nov 21, 2019):
Thursday's trading range has been BTC0.00000022 (4.45%), that's slightly above the last trading month's daily average range of BTC0.00000018. Weekly volatility is also higher, being slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for XEMBTC.
After trading down to 0.00000486 earlier during the day, XEM/BTC bounced off the key technical support level at 0.00000488 (S1). The failure to close below the support could increase that levels significance as support going forward. Prices are trading close to the key technical resistance level at 0.00000517 (R1). After having been unable to move lower than 0.00000484 in the prior session, the market found buyers again around the same price level today at 0.00000486. The last time this happened on Tuesday, XEMBTC gained 1.44% on the following trading day.
Though still in a long-term downtrend, the short and medium-term trends both turned bullish already.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "4 Consecutive Higher Closes" stand out. While it is usually interpreted as bullish, it has actually shown to be bearish for XEM/BTC. Out of 22 times, XEMBTC closed lower 72.73% of the time on the next trading day after the market condition occurred.
With seven out of the seven Major Cryptocurrencies closing lower today, the ones that stand out on the negative side are EOSUSD losing -8.74% and ETHUSD closing -8.11% 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 XRPBTC surging 3.14% and ETCBTC closing 2.24% higher. The worst performers of the day have been ETHCNY tanking -11.28% and LTCCNY closing -11.12% lower. Read more