BCHBTC drops to lowest close since December 15, 2018
Bitcoin Cash/Bitcoin Index (BCHBTC) Technical Analysis Report for Jun 01, 2020 | by Techniquant Editorial Team
Moving lower for the 2nd day in a row, BCHBTC finished Monday at 0.0248 losing BTC0.0005 (-1.98%). Today's close at 0.0248 marks the lowest recorded closing price since December 15, 2018. Trading BTC0.0003 higher after the open, BCH was unable to hold its gains as the bears took control ending the day below its opening price. The last time this happened on May 23rd, BCHBTC actually gained 0.39% on the following trading day. Closing below Sunday's low at 0.0252, BCH/BTC confirmed its breakout through the prior session low after trading up to BTC0.0005 below it intraday.
Daily Candlestick Chart (BCHBTC as at Jun 01, 2020):
Monday's trading range has been BTC0.0009 (3.56%), that's above the last trading month's daily average range of BTC0.0007. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently lower than usual for BCHBTC.
One bearish candlestick pattern matches today's price action, the Black Candle.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Selling could speed up should prices move below the close-by swing low at 0.0247 where further sell stops might get triggered. With prices trading close to this year's low at 0.0246, downside momentum could accelerate should the market break out to new lows for the year.
Among the eight market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Close to Swing Low" stand out. Though it is usually interpreted as neutral, it has actually shown to be bearish for BCH/BTC. Out of 468 times, BCHBTC closed lower 58.97% 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 nine trading days, showing a win rate of 62.18% with an average market move of 1.43%.
With seven out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are BTCUSD gaining 8.05% and ETHUSD closing 7.11% higher. None of the markets ended the day in the red. Looking at the other Minor Cryptocurrencies, the winners of the day have been LTCGBP surging 18.45% and NEOUSD closing 13.82% higher. The worst performers of the day have been STEEMBTC tanking -9.09% and XVGBTC closing -6.67% lower. Read more