XMRBTC closes higher for the 2nd day in a row

XMR/Bitcoin Index (XMRBTC) Technical Analysis Report for May 23, 2020 | by Techniquant Editorial Team


XMRBTC unable to break through key resistance level
XMRBTC closes higher for the 2nd day in a row
XMRBTC pushes through Friday's high


Moving higher for the 2nd day in a row, XMRBTC ended Saturday at 0.00691 gaining BTC0.00005 (0.73%). Closing above Friday's high at 0.00690, the cryptocurrency confirmed its breakout through the prior session high after trading up to BTC0.00015 above it intraday.

Daily Candlestick Chart (XMRBTC as at May 23, 2020):

Daily technical analysis candlestick chart for XMR/Bitcoin Index (XMRBTC) as at May 23, 2020

Saturday's trading range has been BTC0.00023 (3.35%), that's slightly below the last trading month's daily average range of BTC0.00027. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently lower than usual for XMRBTC.

Unable to break through the key technical resistance level at 0.00704 (R1), XMR 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 May 13th, XMRBTC lost -4.30% on the following trading day.

The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.

Selling could accelerate should prices move below the close-by swing low at 0.00671 where further sell stops might get activated.

Among the five market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "2 Consecutive Higher Closes" stand out. Though it is usually interpreted as bullish, it has actually shown to be bearish for XMR/BTC. Out of 218 times, XMRBTC closed lower 59.17% of the time on the next trading day after the market condition occurred.

With five out of the seven Major Cryptocurrencies closing lower today, the ones that stand out on the negative side are EOSUSD losing -1.16% and LTCUSD closing -0.81% lower. On the flipside the best performers have been ETCUSD closing 1.55% higher and BTCUSD gaining 0.23%. Looking at the other Minor Cryptocurrencies, the winners of the day have been BCNUSD surging 10.84% and XVGUSD closing 5.05% higher. The worst performers of the day have been HSRBTC tanking -9.88% and ARDRBTC closing -9.27% lower. Read more

Market Conditions for XMRBTC as at May 23, 2020

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