ZECBTC closes -3.17% lower at 0.00489

ZCash/Bitcoin Index (ZECBTC) Technical Analysis Report for Oct 23, 2020 | by Techniquant Editorial Team


ZECBTC ended the week -12.68% lower at 0.00489 after losing BTC0.00016 (-3.17%) today.

Daily Candlestick Chart (ZECBTC as at Oct 23, 2020):

Daily technical analysis candlestick chart for ZCash/Bitcoin Index (ZECBTC) as at Oct 23, 2020

Friday's trading range has been BTC0.00025 (4.95%), that's below the last trading month's daily average range of BTC0.00034. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for ZECBTC.

Two candlestick patterns are matching today's price action, the Last Engulfing Bottom Pattern which is known as bullish pattern and one bearish pattern, the Black Candle. The last time a Last Engulfing Bottom Pattern showed up on Monday, ZECBTC actually lost -11.01% on the following trading day.

The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.

Buying might accelerate should prices move above the nearby swing high at 0.00514 where further buy stops could get triggered. Selling might speed up should prices move below the close-by swing low at 0.00479 where further sell stops could get activated.

Among the four market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Black Candle" stand out. Its common bearish interpretation has been confirmed for ZEC/BTC. Out of 355 times, ZECBTC closed lower 57.75% 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 65.07% with an average market move of -4.61%.

Market Conditions for ZECBTC as at Oct 23, 2020

Loading Market Conditions for ZECBTC (ZCash/Bitcoin Index)...
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