BCHBTC pops to highest close since May 11th


Bitcoin Cash/Bitcoin Index (BCHBTC) Technical Analysis Report for Aug 01, 2020 | by Techniquant Editorial Team

Highlights

BCHBTC rises to highest close since May 11th
BCHBTC finds buyers at key support level
BCHBTC closes higher for the 3rd day in a row
BCHBTC pushes through Friday's high

Overview

Moving higher for the 3rd day in a row, BCHBTC ended Saturday at 0.0271 gaining BTC0.0006 (2.26%) on high volume. Today's close at 0.0271 marks the highest recorded closing price since May 11th. Closing above Friday's high at 0.0268, the cryptocurrency confirmed its breakout through the previous session high after trading up to BTC0.0005 above it intraday.

Daily Candlestick Chart (BCHBTC as at Aug 01, 2020):

Daily technical analysis candlestick chart for Bitcoin Cash/Bitcoin Index (BCHBTC) as at Aug 01, 2020

Saturday's trading range has been BTC0.0010 (3.77%), that's slightly above the last trading month's daily average range of BTC0.0009. Weekly volatility is also higher, being way above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for BCHBTC.

Two candlestick patterns are matching today's price action, the White Candle which is known as bullish pattern and one bearish pattern, the Bearish Hikkake Pattern. The last time a White Candle showed up on Tuesday, BCHBTC actually lost -2.26% on the following trading day.

After trading down to 0.0263 earlier during the day, the market bounced off the key technical support level at 0.0263 (S2). The failure to close below the support might increase that levels importance as support going forward.

Crossing above the upper Bollinger Band for the first time since Tuesday, prices have shown unusually strong upward momentum in the short-term. This could either indicate a potential buying climax after which prices might head back down towards the mean of the Bollinger Bands at 0.0252 or signal the beginning of a strong momentum breakout leading to even higher prices.

While still in a long-term downtrend, the short and medium-term trends both turned bullish already.

Among the nine market conditions that our pattern recognition engine identified today, the statistics for the Technical Indicators based market condition "Close crossed above the upper Bollinger Band" stand out. Though it is usually interpreted as bullish, it has actually shown to be bearish for BCH/BTC. Out of 30 times, BCHBTC closed lower 66.67% of the time on the next trading day after the market condition occurred.

With seven out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are XRPUSD gaining 12.04% and ETHUSD closing 11.71% higher. None of the markets ended the day in the red. Looking at the other Minor Cryptocurrencies, the winners of the day have been ZECUSD surging 19.59% and DOGEUSD closing 15.6% higher. The worst performers of the day have been STRATBTC tanking -4.08% and ARDRBTC closing -4.0% lower. Read more


Market Conditions for BCHBTC as at Aug 01, 2020

Loading Market Conditions for BCHBTC (Bitcoin Cash/Bitcoin Index)...
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