XRPBTC snaps to lowest close since July 27th
Ripple/Bitcoin Index (XRPBTC) Technical Analysis Report for Oct 18, 2020 | by Techniquant Editorial Team
Moving lower for the 5th day in a row, XRPBTC ended Sunday at 0.00002105 losing BTC0.00000013 (-0.61%) on low volume. Today's close at 0.00002105 marks the lowest recorded closing price since July 27th. The bears were in full control today, moving the market lower throughout the whole session. Closing below Saturday's low at 0.00002112, the cryptocurrency confirmed its breakout through the prior session low after trading up to BTC0.00000008 below it intraday.
Daily Candlestick Chart (XRPBTC as at Oct 18, 2020):
Sunday's trading range has been BTC0.00000019 (0.9%), that's far below the last trading month's daily average range of BTC0.00000053. 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.
Three candlestick patterns are matching today's price action, the Bullish Hikkake Pattern which is known as bullish pattern and two bearish patterns, the Bearish Short Candle and the Black Candle. The last time a Bullish Hikkake Pattern showed up on October 9th, XRPBTC actually lost -1.75% on the following trading day.
Prices broke below the key technical support level at 0.00002107 (now R1), which is likely to act as resistance going forward.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Among the nine market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bearish Short Candle" stand out. Its common bearish interpretation has been confirmed for XRP/BTC. Out of 108 times, XRPBTC closed lower 58.33% 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 10 trading days, showing a win rate of 67.59% with an average market move of 0.35%.
With six out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are ETHUSD gaining 2.69% and BCHUSD closing 1.76% higher. On the flipside the worst performer has been ETCUSD closing -0.36% lower. Looking at the other Minor Cryptocurrencies, the winners of the day have been BCNUSD surging 13.16% and VETBTC closing 5.15% higher. The worst performers of the day have been WAVESBTC tanking -5.27% and WAVESUSD closing -4.08% lower. Read more