XMRBTC pushes through Friday's high
XMR/Bitcoin Index (XMRBTC) Technical Analysis Report for Nov 09, 2019 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, XMRBTC ended Saturday at 0.00703 gaining BTC0.00011 (1.59%) on low volume. Today's close at 0.00703 marks the highest recorded closing price since October 24th. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Friday's high at 0.00695, XMR/BTC confirmed its breakout through the previous session high after trading up to BTC0.00010 above it intraday.
Daily Candlestick Chart (XMRBTC as at Nov 09, 2019):
Saturday's trading range has been BTC0.00015 (2.17%), that's far below the last trading month's daily average range of BTC0.00034. 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 XMRBTC.
Three candlestick patterns are matching today's price action, the Bullish Short Candle and the White Candle which are both known as bullish patterns and one bearish pattern, the Bearish Hikkake Pattern.
Unable to break through the key technical resistance level at 0.00704 (R1), the market closed below it after spiking up to 0.00705 earlier during the day. The failure to close above the resistance might increase that levels significance going forward. When prices bounced off a significant resistance level the last time on Thursday, XMRBTC actually gained 1.17% on the following trading day.
While XMR is experiencing a short-term uptrend, this could just be a correction, as both the medium and long-term trends are still bearish.
Among the nine 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 255 times, XMRBTC closed lower 64.31% 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 60.00% with an average market move of -0.17%.
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