XEMUSD pushes through Saturday's high
XEM/US Dollar Index (XEMUSD) Technical Analysis Report for Nov 10, 2019 | by Techniquant Editorial Team
XEMUSD finished Sunday at 0.0404 gaining $0.0011 (2.8%) on low volume. Closing above Saturday's high at 0.0397, XEM/USD confirmed its breakout through the previous session high after trading up to $0.0013 above it intraday.
Daily Candlestick Chart (XEMUSD as at Nov 10, 2019):
Sunday's trading range has been $0.0016 (4.06%), that's slightly below the last trading month's daily average range of $0.0022. Weekly volatility is also lower, being slightly below 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 White Candle which is known as bullish pattern and one bearish pattern, the Bearish Hikkake Pattern. The last time a Bearish Hikkake Pattern showed up on October 9th, XEMUSD lost -3.54% on the following trading day.
After spiking up to 0.0410 during the day, the market found resistance at the 50-day moving average at 0.0407.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Selling could accelerate should prices move below the nearby swing low at 0.0389 where further sell stops might get activated.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bearish Bounce off SMA 20" stand out. Its common bearish interpretation has been confirmed for XEM/USD. Out of 40 times, XEMUSD closed lower 70.00% 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 60.00% with an average market move of -5.28%.
With six out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are BCHUSD gaining 3.73% and EOSUSD closing 3.16% higher. On the flipside the worst performer has been XRPUSD closing -0.14% lower. Looking at the other Minor Cryptocurrencies, the winners of the day have been XLMUSD surging 8.52% and VETBTC closing 6.78% higher. The worst performers of the day have been KMDBTC tanking -9.82% and KMDUSD closing -7.06% lower. Read more