BCHBTC pushes through Friday's high
Bitcoin Cash/Bitcoin Index (BCHBTC) Technical Analysis Report for Nov 09, 2019 | by Techniquant Editorial Team
BCHBTC ended Saturday at 0.0321 gaining BTC0.0005 (1.58%). The bulls were in full control today, moving the market higher throughout the whole session. Closing above Friday's high at 0.0320, the market confirmed its breakout through the prior session high after trading up to BTC0.0002 above it intraday.
Daily Candlestick Chart (BCHBTC as at Nov 09, 2019):
Saturday's trading range has been BTC0.0006 (1.9%), that's far below the last trading month's daily average range of BTC0.0019. Things look different on the weekly timeframe, where the market's trading range of the last week has been above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for BCHBTC. Prices continued to consolidate within a tight trading range between 0.0310 and 0.0328 where it has been caught now for the last three trading days.
Two candlestick patterns are matching today's price action, the Bullish Short Candle and the White Candle which are both known as bullish patterns. The last time a White Candle showed up on Wednesday, BCHBTC actually lost -3.06% on the following trading day.
Prices are trading close to the key technical support level at 0.0315 (S1). Prices are trading close to the key technical resistance level at 0.0327 (R1). After having been unable to move above 0.0320 in the previous session, the cryptocurrency ran into sellers again around the same price level today, failing to move higher than 0.0322.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying might speed up should prices move above the close-by swing high at 0.0324 where further buy stops could get activated. Selling might accelerate should prices move below the nearby swing low at 0.0310 where further sell stops could get triggered.
Among the nine market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bullish Short Candle" stand out. Though it is usually interpreted as bullish, it has actually shown to be bearish for BCH/BTC. Out of 18 times, BCHBTC closed lower 72.22% 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 72.22% with an average market move of -4.37%.
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