XMRBTC finds buyers around 0.01041 for the third day in a row
XMR/Bitcoin Index (XMRBTC) Technical Analysis Report for Oct 18, 2020 | by Techniquant Editorial Team
XMRBTC finished Sunday at 0.01072 gaining BTC0.00022 (2.1%) on low volume. The bulls were in full control today, moving the market higher throughout the whole session. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range in a lackluster session.
Daily Candlestick Chart (XMRBTC as at Oct 18, 2020):
Sunday's trading range has been BTC0.00033 (3.14%), 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.
In a volatile session, prices traded above the previous day's high as well as below the prior day's low, forming a bullish Outside Bar. In spite of a weak opening XMR/BTC managed to close above the previous day's open and close, forming a bullish Engulfing Candle. Additionally, two candlestick patterns are matching today's price action, the Bullish Short Candle and the White Candle which are both known as bullish patterns.
Buyers managed to take out the key technical resistance level at 0.01059 (now S1), which is likely to act as support going forward. The market found buyers again today around 0.01041 for the third trading day in a row after having found demand at 0.01045 in the prior session and at 0.01046 two days ago. The last time this happened on September 29th, XMRBTC gained 8.77% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the 11 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 312 times, XMRBTC closed lower 62.82% 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 58.33% with an average market move of 0.04%.
With six out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are ETHUSD gaining 2.69% and BCHUSD closing 1.76% higher. On the flipside the worst performer has been ETCUSD closing -0.36% lower. Looking at the other Minor Cryptocurrencies, the winners of the day have been BCNUSD surging 13.16% and VETBTC closing 5.15% higher. The worst performers of the day have been WAVESBTC tanking -5.27% and WAVESUSD closing -4.08% lower. Read more