XRPBTC dominated by bulls lifting the market higher throughout the day
Ripple/Bitcoin Index (XRPBTC) Technical Analysis Report for Nov 09, 2019 | by Techniquant Editorial Team
XRPBTC finished Saturday at 0.00003174 gaining BTC0.00000035 (1.12%). The bulls were in full control today, moving the market higher throughout the whole session. Closing above Friday's high at 0.00003159, the market confirmed its breakout through the prior session high after trading up to BTC0.00000028 above it intraday.
Daily Candlestick Chart (XRPBTC as at Nov 09, 2019):
Saturday's trading range has been BTC0.00000048 (1.53%), that's below the last trading month's daily average range of BTC0.00000153. 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 XRPBTC.
Despite a weak opening XRP 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. The last time a White Candle showed up on Wednesday, XRPBTC actually lost -5.09% on the following trading day.
Prices are trading close to the key technical support level at 0.00003123 (S1).
Though XRP/BTC is currently in a short-term downtrend, this might just be a correction, as both the medium and long-term trends are still bullish.
Selling could speed up should prices move below the close-by swing low at 0.00003046 where further sell stops might get activated. Further selling could move prices lower should the market test October's nearby low at 0.00002970.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bullish Engulfing Candle" stand out. While it is usually interpreted as bullish, it has actually shown to be bearish for XRP/BTC. Out of 114 times, XRPBTC closed lower 58.77% 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 71.93% with an average market move of -3.08%.
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