XRPBTC closes below its opening price unable to hold early session gains
Ripple/Bitcoin Index (XRPBTC) Technical Analysis Report for Oct 17, 2020 | by Techniquant Editorial Team
Moving lower for the 4th day in a row, XRPBTC finished Saturday at 0.00002118 losing BTC0.00000003 (-0.14%). Today's close at 0.00002118 marks the lowest recorded closing price since July 28th. Trading BTC0.00000014 higher after the open, the cryptocurrency was unable to hold its gains as the bears took control ending the day below its opening price. Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range in a lackluster session.
Daily Candlestick Chart (XRPBTC as at Oct 17, 2020):
Saturday's trading range has been BTC0.00000023 (1.08%), that's below the last trading month's daily average range of BTC0.00000055. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for XRPBTC.
During the whole day, prices traded within the prior day's range, unable to trade above the previous day's high or below the prior day's low forming an Inside Bar. Additionally, one bearish candlestick pattern matches today's price action, the Bearish Spinning Top.
Prices are trading close to the key technical support level at 0.00002107 (S1). After having been unable to move lower than 0.00002107 in the previous session, Ripple found buyers again around the same price level today at 0.00002112.
Crossing above the lower Bollinger Band, prices have lost at least some of their downward momentum in the short-term and might now be heading back up towards the mean of the Bollinger Bands at 0.00002240. The last time this happened on September 24th, XRPBTC gained 4.20% on the following trading day.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Selling could accelerate should prices move below the nearby swing low at 0.00002107 where further sell stops might get triggered.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bearish Spinning Top" stand out. Its common bearish interpretation has been confirmed for XRP/BTC. Out of 229 times, XRPBTC closed lower 57.21% 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 69.43% with an average market move of -1.48%.
With four out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are ETHUSD gaining 0.81% and BTCUSD closing 0.37% higher. On the flipside the worst performers have been BCHUSD closing -2.05% lower and LTCUSD losing -1.43%. Looking at the other Minor Cryptocurrencies, the winners of the day have been WAVESUSD surging 8.14% and WAVESBTC closing 7.59% higher. The worst performers of the day have been BCNUSD tanking -10.94% and BCHBTC closing -2.26% lower. Read more