XRPBTC declines to lowest close since February 24th
Ripple/Bitcoin Index (XRPBTC) Technical Analysis Report for Mar 16, 2019 | by Techniquant Editorial Team
Moving lower for the 3rd day in a row, XRPBTC finished Saturday at 0.00007954 losing BTC0.00000064 (-0.8%). Today's close at 0.00007954 marks the lowest recorded closing price since February 24th. Trading BTC0.00000073 higher after the open, XRP/BTC was unable to hold its gains as the bears took control ending the day below its opening price. Closing below Friday's low at 0.00008002, the market confirmed its breakout through the prior session low after trading up to BTC0.00000090 below it intraday.
Daily Candlestick Chart (XRPBTC as at Mar 16, 2019):
Saturday's trading range has been BTC0.00000180 (2.24%), that's slightly below the last trading month's daily average range of BTC0.00000219. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for XRPBTC.
In a volatile session, prices traded above the previous day's high as well as below the prior day's low, forming a bearish Outside Bar. The last time this happened on February 24th, XRPBTC actually gained 7.03% on the following trading day.
After trading down to 0.00007912 earlier during the day, the cryptocurrency bounced off the key technical support level at 0.00007917 (S1). The failure to close below the support could increase that levels importance as support going forward. XRP closed below the 200-day moving average at 0.00007994 for the first time since October 30, 2018.
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 0.00007869, downside momentum might accelerate should Ripple break out to new lows for the year.
Among the seven market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bearish Outside Bar" stand out. Its common bearish interpretation has been confirmed for XRP/BTC. Out of 72 times, XRPBTC closed lower 55.56% 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 10 trading days, showing a win rate of 69.44% with an average market move of -4.60%.
With seven out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are BCHUSD gaining 8.19% and LTCUSD closing 4.83% higher. None of the markets ended the day in the red. Looking at the other Minor Cryptocurrencies, the winners of the day have been BCHBTC surging 5.72% and LTCGBP closing 5.01% higher. The worst performers of the day have been SCBTC tanking -5.56% and KMDBTC closing -5.06% lower. Read more