BCHBTC closes above its opening price after recovering from early selling pressure
Bitcoin Cash/Bitcoin Index (BCHBTC) Technical Analysis Report for Nov 10, 2018 | by Techniquant Editorial Team
BCHBTC finished Saturday at 0.0863 gaining BTC0.0013 (1.53%). Trading up to BTC0.0021 lower after the open, BCH/BTC managed to reverse during the session as bulls took control ending the day above its opening price. Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range.
Daily Candlestick Chart (BCHBTC as at Nov 10, 2018):
Saturday's trading range has been BTC0.0051 (5.99%), that's slightly above the last trading month's daily average range of BTC0.0043. Weekly volatility is also higher, being slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for BCHBTC.
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. Additionally, one bullish candlestick pattern matches today's price action, the Bullish Spinning Top.
After having been unable to move lower than 0.0828 in the previous session, the market found buyers again around the same price level today at 0.0831. The last time this happened on November 2nd, BCHBTC gained 3.86% on the following trading day.
While still in a long-term downtrend, the short and medium-term trends both turned bullish already.
Selling might speed up should prices move below the nearby swing low at 0.0828 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 "Bullish Spinning Top" stand out. Although it is usually interpreted as bullish, it has actually shown to be bearish for BCH/BTC. Out of 34 times, BCHBTC closed lower 67.65% of the time on the next trading day after the market condition occurred.
With six out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are BCHUSD gaining 1.7% and ETHUSD closing 1.26% higher. On the flipside the worst performer has been ETCUSD closing -0.11% lower. Looking at the other Minor Cryptocurrencies, the winners of the day have been XEMUSD surging 5.34% and DOGEUSD closing 3.88% higher. The worst performers of the day have been ZECUSD tanking -2.84% and ZECBTC closing -2.72% lower. Read more