XEMUSD pushes through Friday's high
XEM/US Dollar Index (XEMUSD) Technical Analysis Report for Oct 13, 2018 | by Techniquant Editorial Team
XEMUSD finished Saturday at 0.0948 gaining $0.0029 (3.16%) on low volume. Closing above Friday's high at 0.0937, NEM confirmed its breakout through the previous session high after trading up to $0.0029 above it intraday.
Daily Candlestick Chart (XEMUSD as at Oct 13, 2018):
Saturday's trading range has been $0.0037 (3.98%), that's far below the last trading month's daily average range of $0.0062. Things look different on the weekly timeframe, where the market's trading range of the last week has been above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for XEMUSD.
Two candlestick patterns are matching today's price action, the Bullish Short Candle and the White Candle which are both known as bullish patterns. The last time a Bullish Short Candle showed up on July 15th, XEMUSD gained 8.12% on the following trading day.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Selling might speed up should prices move below the nearby swing low at 0.0884 where further sell stops could get triggered.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bullish Short Candle" stand out. Though it is usually interpreted as bullish, it has actually shown to be bearish for XEM/USD. Out of 10 times, XEMUSD closed lower 60.00% of the time on the next trading day after the market condition occurred.
With five out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are ETHUSD gaining 1.6% and EOSUSD closing 1.54% higher. On the flipside the worst performer has been XRPUSD closing -0.38% lower. Looking at the other Minor Cryptocurrencies, the winners of the day have been STEEMBTC surging 5.26% and SCBTC closing 4.08% higher. The worst performers of the day have been BCNUSD tanking -4.43% and BTGBTC closing -2.26% lower. Read more