ZECBTC breaks above 20-day moving average for the first time since October 24th
ZCash/Bitcoin Index (ZECBTC) Technical Analysis Report for Nov 09, 2019 | by Techniquant Editorial Team
ZECBTC ended Saturday at 0.00418 gaining BTC0.00001 (0.24%) on low volume. Trading up to BTC0.00004 lower after the open, the market managed to reverse during the session as bulls took control ending the day above its opening price. 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 (ZECBTC as at Nov 09, 2019):
Saturday's trading range has been BTC0.00010 (2.4%), that's below the last trading month's daily average range of BTC0.00024. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for ZECBTC. Prices continued to consolidate within a tight trading range between 0.00399 and 0.00425 where it has been caught now for the whole last trading week.
Two candlestick patterns are matching today's price action, the Bullish Spinning Top and the Tweezer Top which are both known as bullish patterns.
ZEC managed to close above the 20-day moving average at 0.00418 for the first time since October 24th. When this moving average was crossed above the last time on October 24th, ZECBTC actually lost -4.46% on the following trading day. Prices are trading close to the key technical resistance level at 0.00425 (R1). The cryptocurrency was sold again around 0.00423 after having seen highs at 0.00423, 0.00425 and 0.00425 in the last three trading sessions. Obviously there is something going on at that level.
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 0.00425 where further buy stops might get activated. Selling could accelerate should prices move below the close-by swing low at 0.00406 where further sell stops might get triggered.
Among the nine market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "High close to previous two Highs" stand out. Its common bearish interpretation has been confirmed for ZEC/BTC. Out of 67 times, ZECBTC closed lower 68.66% 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 74.63% with an average market move of -14.05%.
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