XEMUSD runs into sellers again around 0.1161
XEM/US Dollar Index (XEMUSD) Technical Analysis Report for Oct 17, 2020 | by Techniquant Editorial Team
XEMUSD ended Saturday at 0.1130 gaining $0.0011 (0.98%). Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range.
Daily Candlestick Chart (XEMUSD as at Oct 17, 2020):
Saturday's trading range has been $0.0052 (4.65%), that's slightly above the last trading month's daily average range of $0.0052. 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 XEMUSD.
After having been unable to move above 0.1158 in the prior session, the market ran into sellers again around the same price level today, failing to move higher than 0.1161. The last time this happened on Wednesday, XEMUSD lost -2.85% on the following trading day.
Crossing above the lower Bollinger Band, prices have lost at least some of their downward momentum in the short-term and might now be heading back up towards the mean of the Bollinger Bands at 0.1181.
Although the cryptocurrency is currently in a short-term downtrend, this could just be a correction, as both the medium and long-term trends are still bullish.
Selling might speed up should prices move below the nearby swing low at 0.1081 where further sell stops could get triggered.
Among the three market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Close to Swing Low" stand out. While it is usually interpreted as neutral, it has actually shown to be bearish for XEM/USD. Out of 512 times, XEMUSD closed lower 49.80% 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 59.18% with an average market move of -1.24%.
With four out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are ETHUSD gaining 0.81% and BTCUSD closing 0.37% higher. On the flipside the worst performers have been BCHUSD closing -2.05% lower and LTCUSD losing -1.43%. Looking at the other Minor Cryptocurrencies, the winners of the day have been WAVESUSD surging 8.14% and WAVESBTC closing 7.59% higher. The worst performers of the day have been BCNUSD tanking -10.94% and BCHBTC closing -2.26% lower. Read more