XMRBTC rockets, gaining BTC0.00051 (6.37%) within a single day

XMR/Bitcoin Index (XMRBTC) Technical Analysis Report for Aug 18, 2019 | by Techniquant Editorial Team


XMRBTC soars, gaining BTC0.00051 (6.37%) within a single day
XMRBTC breaks above 50-day moving average for the first time since June 20th
XMRBTC rises to highest close since July 7th
XMRBTC dominated by bulls lifting the market higher throughout the day
XMRBTC closes higher for the 2nd day in a row


Moving higher for the 2nd day in a row, XMRBTC finished Sunday at 0.00852 surging BTC0.00051 (6.37%). This is the biggest single-day gain in over a month. Today's close at 0.00852 marks the highest recorded closing price since July 7th. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Saturday's high at 0.00812, the cryptocurrency confirmed its breakout through the previous session high after trading up to BTC0.00040 above it intraday.

Daily Candlestick Chart (XMRBTC as at Aug 18, 2019):

Daily technical analysis candlestick chart for XMR/Bitcoin Index (XMRBTC) as at Aug 18, 2019

Sunday's trading range has been BTC0.00051 (6.37%), that's far above the last trading month's daily average range of BTC0.00024. Weekly volatility is also higher, being above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for XMRBTC.

Three candlestick patterns are matching today's price action, the Bullish Closing Marubozu, the Bullish Marubozu and the White Candle which are known as bullish patterns.

XMR managed to close above the 50-day moving average at 0.00809 for the first time since June 20th. Prices are trading close to the key technical resistance level at 0.00868 (R1).

Crossing above the upper Bollinger Band for the first time since April 2nd, prices have shown unusually strong upward momentum in the short-term. This could either indicate a potential buying climax after which prices might head back down towards the mean of the Bollinger Bands at 0.00801 or signal the beginning of a strong momentum breakout leading to even higher prices. The last time prices broke out above the upper Bollinger Band on March 31st, XMRBTC gained 6.63% on the following trading day.

While still in a long-term downtrend, the short and medium-term trends both turned bullish already.

Among the 14 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 XMR/BTC. Out of 245 times, XMRBTC closed lower 63.67% 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 four trading days, showing a win rate of 59.59% with an average market move of -0.10%.

With seven out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are XRPUSD gaining 6.54% and LTCUSD closing 5.12% higher. None of the markets ended the day in the red. Looking at the other Minor Cryptocurrencies, the winners of the day have been XMRUSD surging 7.26% and ADAUSD closing 6.96% higher. The worst performers of the day have been BTCCNY tanking -9.13% and ETHCNY closing -5.73% lower. Read more

Market Conditions for XMRBTC as at Aug 18, 2019

Loading Market Conditions for XMRBTC (XMR/Bitcoin Index)...
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