XMRBTC rises to highest close since October 24th
XMR/Bitcoin Index (XMRBTC) Technical Analysis Report for Nov 10, 2019 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, XMRBTC finished Sunday at 0.00705 gaining BTC0.00002 (0.28%). Today's close at 0.00705 marks the highest recorded closing price since October 24th. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Daily Candlestick Chart (XMRBTC as at Nov 10, 2019):
Sunday's trading range has been BTC0.00018 (2.56%), that's below the last trading month's daily average range of BTC0.00032. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for XMRBTC.
One bearish candlestick pattern matches today's price action, the Shooting Star.
Buyers managed to take out the key technical resistance level at 0.00704 (now S1), which is likely to act as support going forward. The last time this happened on November 3rd, XMRBTC actually lost -2.75% on the following trading day.
Although Monero is experiencing a short-term uptrend, this might just be a correction, as both the medium and long-term trends are still bearish.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "3 Consecutive Higher Closes" stand out. While it is usually interpreted as bullish, it has actually shown to be bearish for XMR/BTC. Out of 76 times, XMRBTC closed lower 61.84% of the time on the next trading day after the market condition occurred.
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