XEMBTC fails to close above 100-day moving average
XEM/Bitcoin Index (XEMBTC) Technical Analysis Report for Oct 23, 2020 | by Techniquant Editorial Team
XEMBTC ended the week -15.12% lower at 0.00000831 after losing BTC0.00000009 (-1.07%) today. Trading BTC0.00000035 higher after the open, XEM/BTC was unable to hold its gains as the bears took control ending the day below its opening price. The last time this happened on October 18th, XEMBTC lost -3.47% on the following trading day. 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 23, 2020):
Friday's trading range has been BTC0.00000047 (5.6%), that's slightly above the last trading month's daily average range of BTC0.00000045. Weekly volatility is also higher, being slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently higher than usual for XEMBTC.
One bearish candlestick pattern matches today's price action, the Bearish Hikkake Pattern.
After spiking up to 0.00000875 during the day, NEM found resistance at the 100-day moving average at 0.00000869.
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 0.00001012.
Though still in a long-term uptrend, the short and medium-term trends both turned bearish already.
Selling might speed up should prices move below the nearby swing low at 0.00000813 where further sell stops could get activated.
Among the seven 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 130 times, XEMBTC closed lower 59.23% of the time on the next trading day after the market condition occurred.