XLMBTC stuck within tight trading range
Stellar/BTC Index (XLMBTC) Technical Analysis Report for Sep 15, 2018
XLMBTC ended Saturday at 0.00003109 edging higher BTC0.00000002 (0.06%). Closing within the prior day's range, prices failed to decisively move past the previous day's trading range in a lackluster session. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Saturday's trading range was BTC0.00000065 (2.1%), that's far below last trading month's daily average range of BTC0.00000158. Things look different on a weekly scale, where volatility is above the markets average with the monthly volatility being slightly below average. Prices continued to consolidate within a tight trading range between 0.00003052 and 0.00003260 which it has been in now for the last three days.
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.
Prices are trading close to a key support level at 0.00003016. Prices are trading close to the key resistance level at 0.00003196.
While Stellar is experiencing a short-term up trend, this could just be a correction, as both the medium and long term trends are still in negative territory.
Selling might accelerate should prices move below the close-by swing low at 0.00003052 where further sell stops could get triggered. Trading close to July's low at 0.00002911 we might see further downside momentum if potential sell stops at the level get activated.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bearish.
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