BCHBTC dominated by bears dragging the market lower throughout the day
Bitcoin Cash/Bitcoin Index (BCHBTC) Technical Analysis Report for Aug 11, 2018 | by Techniquant Editorial Team
Moving lower for the 2nd day in a row, BCHBTC ended Saturday at 0.0897 losing BTC0.0030 (-3.24%) on low volume. Today's closing price of 0.0897 marks the lowest close since December 11, 2017. The bears were in full control today, moving the market lower throughout the whole session. Closing below Friday's low at 0.0920, BCH/BTC confirms its breakout through the prior session's low having traded BTC0.0024 below it intraday. Ending with a weak close near the low of the day sets a bearish note for the next session.
Daily Candlestick Chart (BCHBTC as at Aug 11, 2018):
Saturday's trading range was BTC0.0032 (3.45%), that's slightly below last trading month's daily average range of BTC0.0035. Things look different on a weekly scale, where volatility is above the markets average with the monthly volatility being exactly the same as average.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
With seven out of the seven Major Cryptocurrencies closing lower today, the ones that stand out on the negative side are XRPUSD losing -8.28% and ETHUSD closing -6.98% lower. None of the markets managed to end the day in the green. Looking at the other Minor Cryptocurrencies, the winners of the day have been BTCCNY surging 5.28% and WAVESBTC closing 1.9% higher. The worst performers of the day have been ELFBTC tanking -13.38% and IOTUSD closing -12.28% lower. Read more