XRPBTC dominated by bears dragging the market lower throughout the day
Ripple/Bitcoin Index (XRPBTC) Technical Analysis Report for May 23, 2020 | by Techniquant Editorial Team
XRPBTC ended Saturday at 0.00002166 losing BTC0.00000021 (-0.96%) on low volume. The bears were in full control today, moving the market lower throughout the whole session. 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 (XRPBTC as at May 23, 2020):
Saturday's trading range has been BTC0.00000029 (1.33%), that's far below the last trading month's daily average range of BTC0.00000073. 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.
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 higher in the prior session, Ripple closed lower but above the previous day's open today, forming a bearish Harami Candle. Additionally, two candlestick patterns are matching today's price action, the Bearish Short Candle and the Black Candle which are both known as bearish patterns. The last time a Black Candle showed up on May 17th, XRPBTC actually gained 1.39% on the following trading day.
Prices are trading close to the key technical support level at 0.00002141 (S1).
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Buying could speed up should prices move above the nearby swing high at 0.00002210 where further buy stops might get triggered.
Among the seven market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bearish Harami Candle" stand out. Its common bearish interpretation has been confirmed for XRP/BTC. Out of 38 times, XRPBTC closed lower 57.89% 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 68.42% with an average market move of -3.84%.
With five out of the seven Major Cryptocurrencies closing lower today, the ones that stand out on the negative side are EOSUSD losing -1.16% and LTCUSD closing -0.81% lower. On the flipside the best performers have been ETCUSD closing 1.55% higher and BTCUSD gaining 0.23%. Looking at the other Minor Cryptocurrencies, the winners of the day have been BCNUSD surging 10.84% and XVGUSD closing 5.05% higher. The worst performers of the day have been HSRBTC tanking -9.88% and ARDRBTC closing -9.27% lower. Read more