XLMBTC runs into sellers around 0.00004120 for the forth day in a row
Stellar/Bitcoin Index (XLMBTC) Technical Analysis Report for Nov 10, 2018 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, XLMBTC ended Saturday at 0.00004112 gaining BTC0.00000084 (2.09%). The bulls were in full control today, moving the market higher throughout the whole session. Closing within the previous day's range, prices missed to decisively move beyond the prior day's trading range.
Daily Candlestick Chart (XLMBTC as at Nov 10, 2018):
Saturday's trading range has been BTC0.00000114 (2.83%), that's slightly below the last trading month's daily average range of BTC0.00000135. 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 higher than usual for XLMBTC.
During the whole day, prices traded within the previous day's range, unable to trade above the prior day's high or below the previous day's low forming an Inside Bar. Additionally, one bullish candlestick pattern matches today's price action, the White Candle.
Prices are trading close to the key technical resistance level at 0.00004142 (R1). XLM was sold again around 0.00004120 after having seen highs at 0.00004126, 0.00004133 and 0.00004123 in the last three trading sessions. Obviously there is something going on at that level. The last time this happened on August 7th, XLMBTC lost -7.15% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying might accelerate should prices move above the nearby swing high at 0.00004133 where further buy stops could get activated.
Among the 11 market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Close near high of period" stand out. Although it is usually interpreted as bullish, it has actually shown to be bearish for XLM/BTC. Out of 327 times, XLMBTC closed lower 63.61% 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 67.58% with an average market move of -1.85%.
With six out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are BCHUSD gaining 1.7% and ETHUSD closing 1.26% higher. On the flipside the worst performer has been ETCUSD closing -0.11% lower. Looking at the other Minor Cryptocurrencies, the winners of the day have been XEMUSD surging 5.34% and DOGEUSD closing 3.88% higher. The worst performers of the day have been ZECUSD tanking -2.84% and ZECBTC closing -2.72% lower. Read more