XMRBTC closes within prior day's range after lackluster session
XMR/Bitcoin Index (XMRBTC) Technical Analysis Report for Nov 22, 2020 | by Techniquant Editorial Team
XMRBTC finished Sunday at 0.00670 losing BTC0.00016 (-2.33%). Closing within the previous day's range, prices missed to decisively move beyond the prior day's trading range in a lackluster session.
Daily Candlestick Chart (XMRBTC as at Nov 22, 2020):
Sunday's trading range has been BTC0.00033 (4.81%), that's below the last trading month's daily average range of BTC0.00042. 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.
Prices broke below the key technical support level at 0.00673 (now R1), which is likely to act as resistance going forward. The last time this happened on Thursday, XMRBTC lost -2.71% on the following trading day. After having been unable to move above 0.00687 in the previous session, the market ran into sellers again around the same price level today, missing to move higher than 0.00690.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
With prices trading close to this year's low at 0.00613, downside momentum might accelerate should XMR/BTC break out to new lows for the year.
Among the two market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "High close to prior High" stand out. Its common bearish interpretation has been confirmed for XMR/BTC. Out of 589 times, XMRBTC closed lower 52.97% of the time on the next trading day after the market condition occurred.