XEMBTC breaks back below 200-day moving average
XEM/Bitcoin Index (XEMBTC) Technical Analysis Report for Nov 22, 2020 | by Techniquant Editorial Team
XEMBTC finished Sunday at 0.00000700 losing BTC0.00000044 (-5.91%) on high volume. Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range.
Daily Candlestick Chart (XEMBTC as at Nov 22, 2020):
Sunday's trading range has been BTC0.00000081 (10.89%), that's slightly above the last trading month's daily average range of BTC0.00000069. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for XEMBTC.
One bearish candlestick pattern matches today's price action, the Black Candle.
Prices are trading close to the key technical support level at 0.00000649 (S1). The market closed back below the 200-day moving average at 0.00000708. When this moving average was crossed below the last time on Thursday, XEMBTC actually gained 3.58% on the following trading day.
Though still in a long-term uptrend, the short and medium-term trends both turned bearish already.
Among the three market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bearish Break through SMA 200" stand out. Its common bearish interpretation has been confirmed for XEM/BTC. Out of 20 times, XEMBTC closed lower 65.00% 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 65.00% with an average market move of -0.97%.