ZECBTC breaks below Sunday's low
ZCash/Bitcoin Index (ZECBTC) Technical Analysis Report for Jun 01, 2020 | by Techniquant Editorial Team
Moving lower for the 2nd day in a row, ZECBTC finished Monday at 0.00536 losing BTC0.00009 (-1.65%). Trading BTC0.00019 higher after the open, the market was unable to hold its gains as the bears took control ending the day below its opening price. Closing below Sunday's low at 0.00540, ZEC confirmed its breakout through the prior session low after trading up to BTC0.00008 below it intraday.
Daily Candlestick Chart (ZECBTC as at Jun 01, 2020):
Monday's trading range has been BTC0.00032 (5.87%), that's slightly above the last trading month's daily average range of BTC0.00024. Weekly volatility is also higher, being way above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for ZECBTC.
One bullish candlestick pattern matches today's price action, the Bullish Hikkake Pattern. The last time a Bullish Hikkake Pattern showed up on May 24th, ZECBTC gained 0.19% on the following trading day.
Prices are trading close to the key technical support level at 0.00530 (S1).
Though still in a long-term downtrend, the short and medium-term trends both turned bullish already.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Close near low of period" stand out. Its common bearish interpretation has been confirmed for ZEC/BTC. Out of 355 times, ZECBTC closed lower 62.25% 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 66.76% with an average market move of -3.67%.
With seven out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are BTCUSD gaining 8.05% and ETHUSD closing 7.11% higher. None of the markets ended the day in the red. Looking at the other Minor Cryptocurrencies, the winners of the day have been LTCGBP surging 18.45% and NEOUSD closing 13.82% higher. The worst performers of the day have been STEEMBTC tanking -9.09% and XVGBTC closing -6.67% lower. Read more