XLMBTC dominated by bulls lifting the market higher throughout the day
Stellar/Bitcoin Index (XLMBTC) Technical Analysis Report for Nov 09, 2019 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, XLMBTC ended Saturday at 0.00000826 gaining BTC0.00000016 (1.98%). The bulls were in full control today, moving the market higher throughout the whole session. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range in a lackluster session.
Daily Candlestick Chart (XLMBTC as at Nov 09, 2019):
Saturday's trading range has been BTC0.00000021 (2.59%), that's below the last trading month's daily average range of BTC0.00000043. 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. Prices continued to consolidate within a tight trading range between 0.00000784 and 0.00000832 where it has been caught now for the last three trading 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. Additionally, two candlestick patterns are matching today's price action, the Bullish Short Candle and the White Candle which are both known as bullish patterns. The last time a White Candle showed up on November 2nd, XLMBTC actually lost -2.87% on the following trading day.
Prices are trading close to the key technical resistance level at 0.00000832 (R1). Stellar ran into sellers again today around 0.00000828 for the third trading day in a row after having found sellers at 0.00000832 in the previous session and at 0.00000825 two days ago.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying could speed up should prices move above the nearby swing high at 0.00000832 where further buy stops might get activated. Selling could accelerate should prices move below the close-by swing low at 0.00000784 where further sell stops might get triggered.
Among the 10 market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Up 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 337 times, XLMBTC closed lower 62.61% 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 66.77% with an average market move of -1.61%.
With five out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are LTCUSD gaining 2.57% and BCHUSD closing 1.29% higher. On the flipside the worst performers have been ETCUSD closing -0.8% lower and BTCUSD losing -0.16%. Looking at the other Minor Cryptocurrencies, the winners of the day have been KMDBTC surging 19.83% and KMDUSD closing 19.72% higher. The worst performers of the day have been SCBTC tanking -4.35% and PIVXBTC closing -4.06% lower. Read more