XEMBTC closes within prior day's range
XEM/Bitcoin Index (XEMBTC) Technical Analysis Report for Oct 17, 2020 | by Techniquant Editorial Team
XEMBTC ended Saturday at 0.00000994 gaining BTC0.00000006 (0.61%). Closing within the previous day's range, prices missed to decisively move beyond the prior day's trading range.
Daily Candlestick Chart (XEMBTC as at Oct 17, 2020):
Saturday's trading range has been BTC0.00000045 (4.55%), that's slightly below the last trading month's daily average range of BTC0.00000045. 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.
One bullish candlestick pattern matches today's price action, the Bullish Spinning Top. The last time a Bullish Spinning Top showed up on September 29th, XEMBTC actually lost -4.85% on the following trading day.
Crossing above the lower Bollinger Band, prices have lost at least some of their downward momentum in the short-term and could now be heading back up towards the mean of the Bollinger Bands at 0.00001074.
Though XEM/BTC is currently in a short-term downtrend, this might just be a correction, as both the medium and long-term trends are still bullish.
Selling could speed up should prices move below the close-by swing low at 0.00000954 where further sell stops might get triggered. Further selling could move prices lower should the market test September's nearby low at 0.00000898.
Among the three market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Close to Swing Low" stand out. Although it is usually interpreted as neutral, it has actually shown to be bearish for XEM/BTC. Out of 818 times, XEMBTC closed lower 52.69% 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 10 trading days, showing a win rate of 60.51% with an average market move of 0.69%.
With four out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are ETHUSD gaining 0.81% and BTCUSD closing 0.37% higher. On the flipside the worst performers have been BCHUSD closing -2.05% lower and LTCUSD losing -1.43%. Looking at the other Minor Cryptocurrencies, the winners of the day have been WAVESUSD surging 8.14% and WAVESBTC closing 7.59% higher. The worst performers of the day have been BCNUSD tanking -10.94% and BCHBTC closing -2.26% lower. Read more