XMRBTC breaks back above 20-day moving average
XMR/Bitcoin Index (XMRBTC) Technical Analysis Report for Aug 01, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, XMRBTC finished Saturday at 0.00760 gaining BTC0.00015 (2.01%). Trading up to BTC0.00019 lower after the open, the market managed to reverse during the session as bulls took control ending the day above its opening price. Closing above Friday's high at 0.00746, XMR/BTC confirmed its breakout through the previous session high after trading up to BTC0.00016 above it intraday.
Daily Candlestick Chart (XMRBTC as at Aug 01, 2020):
Saturday's trading range has been BTC0.00036 (4.83%), that's slightly above the last trading month's daily average range of BTC0.00031. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for XMRBTC.
XMR managed to close back above the 20-day moving average at 0.00746 for the first time since July 26th. After having been unable to move lower than 0.00726 in the prior session, the cryptocurrency found buyers again around the same price level today at 0.00726. The last time this happened on Thursday, XMRBTC gained 2.19% on the following trading day.
Though still in a long-term downtrend, the short and medium-term trends both turned bullish already.
Buying could accelerate should prices move above the close-by swing high at 0.00789 where further buy stops might get triggered.
Among the nine market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "3 Consecutive Higher Closes" stand out. Although it is usually interpreted as bullish, it has actually shown to be bearish for XMR/BTC. Out of 90 times, XMRBTC closed lower 63.33% of the time on the next trading day after the market condition occurred.
With seven out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are XRPUSD gaining 12.04% and ETHUSD closing 11.71% higher. None of the markets ended the day in the red. Looking at the other Minor Cryptocurrencies, the winners of the day have been ZECUSD surging 19.59% and DOGEUSD closing 15.6% higher. The worst performers of the day have been STRATBTC tanking -4.08% and ARDRBTC closing -4.0% lower. Read more