XMRBTC unable to break through key resistance level


XMR/Bitcoin Index (XMRBTC) Technical Analysis Report for Oct 17, 2020 | by Techniquant Editorial Team

Highlights

XMRBTC closes below its opening price unable to hold early session gains
XMRBTC unable to break through key resistance level
XMRBTC closes lower for the 2nd day in a row
XMRBTC finds buyers again around 0.01045
XMRBTC closes within previous day's range after lackluster session

Overview

Moving lower for the 2nd day in a row, XMRBTC finished Saturday at 0.01050 losing BTC0.00007 (-0.66%) on low volume. Trading BTC0.00016 higher after the open, the cryptocurrency was unable to hold its gains as the bears took control ending the day below its opening price. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range in a lackluster session.

Daily Candlestick Chart (XMRBTC as at Oct 17, 2020):

Daily technical analysis candlestick chart for XMR/Bitcoin Index (XMRBTC) as at Oct 17, 2020

Saturday's trading range has been BTC0.00028 (2.65%), that's far below the last trading month's daily average range of BTC0.00065. 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.

Unable to break through the key technical resistance level at 0.01059 (R1), the market closed below it after spiking up to 0.01073 earlier during the day. The failure to close above the resistance might increase that levels importance going forward. After having been unable to move lower than 0.01046 in the prior session, XMR/BTC found buyers again around the same price level today at 0.01045. The last time this happened on Thursday, XMRBTC actually lost -6.13% on the following trading day.

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

Among the six market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Low close to previous low" stand out. Though it is usually interpreted as bullish, it has actually shown to be bearish for XMR/BTC. Out of 670 times, XMRBTC closed lower 53.73% 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 two trading days, showing a win rate of 54.78% with an average market move of 0.10%.

With four out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are ETHUSD gaining 0.81% and BTCUSD closing 0.37% higher. On the flipside the worst performers have been BCHUSD closing -2.05% lower and LTCUSD losing -1.43%. Looking at the other Minor Cryptocurrencies, the winners of the day have been WAVESUSD surging 8.14% and WAVESBTC closing 7.59% higher. The worst performers of the day have been BCNUSD tanking -10.94% and BCHBTC closing -2.26% lower. Read more


Market Conditions for XMRBTC as at Oct 17, 2020

Loading Market Conditions for XMRBTC (XMR/Bitcoin Index)...
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