ZECUSD closes within previous day's range after lackluster session
ZCash/US Dollar Index (ZECUSD) Technical Analysis Report for Nov 09, 2019 | by Techniquant Editorial Team
ZECUSD finished Saturday at 36.76 gaining $0.22 (0.6%). 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 (ZECUSD as at Nov 09, 2019):
Saturday's trading range has been $1.68 (4.6%), that's below the last trading month's daily average range of $2.37. 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 ZECUSD.
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. After moving lower in the previous session, ZEC managed to close higher but below the prior day's open, forming a bullish Harami Candle. Additionally, one bullish candlestick pattern matches today's price action, the Bullish Spinning Top.
Prices are trading close to the key technical support level at 36.01 (S1). After having been unable to move lower than 36.01 in the previous session, the cryptocurrency found buyers again around the same price level today at 36.18. The last time this happened on Thursday, ZECUSD actually lost -5.85% 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 36.01 where further sell stops might get triggered.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Low close to prior low" stand out. Though it is usually interpreted as bullish, it has actually shown to be bearish for ZEC/USD. Out of 337 times, ZECUSD closed lower 59.35% 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 four trading days, showing a win rate of 62.91% with an average market move of -2.23%.
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