XMRBTC closes below its opening price unable to hold early session gains
XMR/Bitcoin Index (XMRBTC) Technical Analysis Report for Oct 12, 2019 | by Techniquant Editorial Team
XMRBTC ended Saturday at 0.00645 losing BTC0.00010 (-1.53%). Today's close at 0.00645 marks the lowest recorded closing price since November 2, 2016. Trading BTC0.00008 higher after the open, the market was unable to hold its gains as the bears took control ending the day below its opening price. The last time this happened on September 30th, XMRBTC lost -2.33% on the following trading day. Ending with a weak close near the low of the day sets a bearish note for the next session.
Daily Candlestick Chart (XMRBTC as at Oct 12, 2019):
Saturday's trading range has been BTC0.00019 (2.91%), that's below the last trading month's daily average range of BTC0.00025. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for XMRBTC.
Prices are trading close to the key technical resistance level at 0.00662 (R1). After having been unable to move lower than 0.00645 in the prior session, XMR/BTC found buyers again around the same price level today at 0.00642.
Crossing below the lower Bollinger Band for the first time since Thursday, prices have shown unusually strong downward momentum in the short-term. This might either indicate a potential selling climax after which prices could head back up towards the mean of the Bollinger Bands at 0.00684 or signal the beginning of a strong momentum breakout leading to even lower prices.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Among the eight market conditions that our pattern recognition engine identified today, the statistics for the Technical Indicators based market condition "Close crossed below the lower Bollinger Band" stand out. Although it is usually interpreted as bearish, it has actually shown to be bullish for XMR/BTC. Out of 57 times, XMRBTC closed higher 71.93% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after two trading days, showing a win rate of 64.91% with an average market move of 1.22%.
With five out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are XRPUSD gaining 1.79% and BCHUSD closing 1.41% higher. On the flipside the worst performer has been ETHUSD closing -0.41% lower. Looking at the other Minor Cryptocurrencies, the winners of the day have been SCBTC surging 12.5% and BATUSD closing 3.56% higher. The worst performers of the day have been KMDBTC tanking -4.07% and ELFBTC closing -3.56% lower. Read more