XMRUSD closes within prior day's range after lackluster session
XMR/US Dollar Index (XMRUSD) Technical Analysis Report for Nov 09, 2019 | by Techniquant Editorial Team
XMRUSD finished Saturday at 62.55 gaining $1.59 (2.61%) on low volume. 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 (XMRUSD as at Nov 09, 2019):
Saturday's trading range has been $2.67 (4.38%), that's below the last trading month's daily average range of $3.97. 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 XMRUSD.
During the whole day, prices traded within the previous day's range, unable to trade above the prior day's high or below the previous day's low forming an Inside Bar. After moving lower in the prior session, XMR/USD managed to close higher but below the previous day's open, forming a bullish Harami Candle. Additionally, one bullish candlestick pattern matches today's price action, the White Candle.
Buyers managed to take out the key technical resistance level at 62.07 (now S1), which is likely to act as support going forward. The last time this happened on November 1st, XMRUSD gained 2.25% on the following trading day.
Though the cryptocurrency is experiencing a short-term uptrend, this might just be a correction, as both the medium and long-term trends are still bearish.
Selling could accelerate should prices move below the close-by swing low at 60.11 where further sell stops might get activated.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "White Candle" stand out. While it is usually interpreted as bullish, it has actually shown to be bearish for XMR/USD. Out of 387 times, XMRUSD closed lower 56.33% 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 three trading days, showing a win rate of 58.14% with an average market move of -2.06%.
With five out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are LTCUSD gaining 2.57% and BCHUSD closing 1.29% higher. On the flipside the worst performers have been ETCUSD closing -0.8% lower and BTCUSD losing -0.16%. Looking at the other Minor Cryptocurrencies, the winners of the day have been KMDBTC surging 19.83% and KMDUSD closing 19.72% higher. The worst performers of the day have been SCBTC tanking -4.35% and PIVXBTC closing -4.06% lower. Read more