XEMUSD closes within previous day's range after lackluster session

XEM/US Dollar Index (XEMUSD) Technical Analysis Report for Oct 18, 2020 | by Techniquant Editorial Team


XEMUSD runs into sellers around 0.1159 for the third day in a row
XEMUSD closes below its opening price unable to hold early session gains
XEMUSD closes within previous day's range after lackluster session


XEMUSD ended Sunday at 0.1127 edging lower $0.0003 (-0.27%) on low volume. Trading $0.0029 higher after the open, the market was unable to hold its gains as the bears took control ending the day below its opening price. Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range in a lackluster session.

Daily Candlestick Chart (XEMUSD as at Oct 18, 2020):

Daily technical analysis candlestick chart for XEM/US Dollar Index (XEMUSD) as at Oct 18, 2020

Sunday's trading range has been $0.0035 (3.1%), that's below the last trading month's daily average range of $0.0051. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for XEMUSD.

During the whole day, prices traded within the prior day's range, unable to trade above the previous day's high or below the prior day's low forming an Inside Bar.

The cryptocurrency ran into sellers again today around 0.1159 for the third trading day in a row after having found sellers at 0.1161 in the previous session and at 0.1158 two days ago. The last time this happened on September 12th, XEMUSD lost -5.88% on the following trading day.

Though still in a long-term uptrend, the short and medium-term trends both turned bearish already.

Buying could speed up should prices move above the close-by swing high at 0.1161 where further buy stops might get activated. Selling could accelerate should prices move below the nearby swing low at 0.1081 where further sell stops might get triggered.

Among the seven market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "High close to prior two Highs" stand out. Its common bearish interpretation has been confirmed for XEM/USD. Out of 73 times, XEMUSD closed lower 57.53% 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 two trading days, showing a win rate of 65.75% with an average market move of 0.16%.

With six out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are ETHUSD gaining 2.69% and BCHUSD closing 1.76% higher. On the flipside the worst performer has been ETCUSD closing -0.36% lower. Looking at the other Minor Cryptocurrencies, the winners of the day have been BCNUSD surging 13.16% and VETBTC closing 5.15% higher. The worst performers of the day have been WAVESBTC tanking -5.27% and WAVESUSD closing -4.08% lower. Read more

Market Conditions for XEMUSD as at Oct 18, 2020

Loading Market Conditions for XEMUSD (XEM/US Dollar Index)...
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