XEMBTC closes within prior day's range after lackluster session
XEM/Bitcoin Index (XEMBTC) Technical Analysis Report for May 23, 2020 | by Techniquant Editorial Team
Moving higher for the 4th day in a row, XEMBTC finished Saturday at 0.00000439 edging higher BTC0.00000001 (0.23%). Today's close at 0.00000439 marks the highest recorded closing price since May 6th. 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 May 23, 2020):
Saturday's trading range has been BTC0.00000016 (3.65%), that's below the last trading month's daily average range of BTC0.00000021. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for XEMBTC.
Two candlestick patterns are matching today's price action, the Bullish Spinning Top which is known as bullish pattern and one bearish pattern, the Shooting Star. The last time a Shooting Star showed up on March 19th, XEMBTC lost -1.70% on the following trading day.
While NEM is experiencing a short-term uptrend, this could just be a correction, as both the medium and long-term trends are still bearish.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "4 Consecutive Higher Closes" stand out. Although it is usually interpreted as bullish, it has actually shown to be bearish for XEM/BTC. Out of 25 times, XEMBTC closed lower 72.00% of the time on the next trading day after the market condition occurred.
With five out of the seven Major Cryptocurrencies closing lower today, the ones that stand out on the negative side are EOSUSD losing -1.16% and LTCUSD closing -0.81% lower. On the flipside the best performers have been ETCUSD closing 1.55% higher and BTCUSD gaining 0.23%. Looking at the other Minor Cryptocurrencies, the winners of the day have been BCNUSD surging 10.84% and XVGUSD closing 5.05% higher. The worst performers of the day have been HSRBTC tanking -9.88% and ARDRBTC closing -9.27% lower. Read more