XEMBTC soars 11.88% on high volume
XEM/Bitcoin Index (XEMBTC) Technical Analysis Report for Nov 21, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, XEMBTC finished Saturday at 0.00000744 surging BTC0.00000079 (11.88%) on high volume. This is the biggest single-day gain in over two weeks. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Friday's high at 0.00000671, the market confirmed its breakout through the previous session high after trading up to BTC0.00000073 above it intraday.
Daily Candlestick Chart (XEMBTC as at Nov 21, 2020):
Saturday's trading range has been BTC0.00000090 (13.53%), that's above the last trading month's daily average range of BTC0.00000067. 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.
Three candlestick patterns are matching today's price action, the Bullish Closing Marubozu and the White Candle which are both known as bullish patterns and one bearish pattern, the Bearish Hikkake Pattern. The last time a Bullish Closing Marubozu showed up on June 2nd, XEMBTC gained 7.78% on the following trading day.
The cryptocurrency managed to close back above the 200-day moving average at 0.00000707. Prices are trading close to the key technical resistance level at 0.00000750 (R1).
Although still in a long-term uptrend, the short and medium-term trends both turned bearish already.
Among the 10 market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Strong Up Move" stand out. Though it is usually interpreted as bullish, it has actually shown to be bearish for XEM/BTC. Out of 160 times, XEMBTC closed lower 63.13% of the time on the next trading day after the market condition occurred.