XLMBTC closes higher for the 3rd day in a row
Stellar/Bitcoin Index (XLMBTC) Technical Analysis Report for Nov 10, 2019 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, XLMBTC finished Sunday at 0.00000876 gaining BTC0.00000050 (6.05%).
Daily Candlestick Chart (XLMBTC as at Nov 10, 2019):
Sunday's trading range has been BTC0.00000070 (8.43%), that's above the last trading month's daily average range of BTC0.00000046. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for XLMBTC.
Two candlestick patterns are matching today's price action, the White Candle which is known as bullish pattern and one bearish pattern, the Bearish Hikkake Pattern.
Buyers managed to take out the key technical resistance level at 0.00000832 (now S1), which is likely to act as support going forward. The last time this happened on November 2nd, XLMBTC actually lost -2.87% on the following trading day. Prices are trading close to the key technical resistance level at 0.00000903 (R1).
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Gap Up" stand out. Though it is usually interpreted as bullish, it has actually shown to be bearish for XLM/BTC. Out of 3 times, XLMBTC closed lower 66.67% 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 three trading days, showing a win rate of 100.00% with an average market move of -4.44%.
With six out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are BCHUSD gaining 3.73% and EOSUSD closing 3.16% higher. On the flipside the worst performer has been XRPUSD closing -0.14% lower. Looking at the other Minor Cryptocurrencies, the winners of the day have been XLMUSD surging 8.52% and VETBTC closing 6.78% higher. The worst performers of the day have been KMDBTC tanking -9.82% and KMDUSD closing -7.06% lower. Read more