BCHUSD pushes through key technical resistance level


Bitcoin Cash/US Dollar Index (BCHUSD) Technical Analysis Report for Aug 13, 2019 | by Techniquant Editorial Team

Highlights

BCHUSD pushes through key technical resistance level
BCHUSD rises to highest close since July 12th
BCHUSD dominated by bulls lifting the market higher throughout the day
BCHUSD finds buyers again around 327.59
BCHUSD pushes through Monday's high

Overview

BCHUSD ended Tuesday at 348.87 surging $18.56 (5.62%). Today's close at 348.87 marks the highest recorded closing price since July 12th. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Monday's high at 339.87, the cryptocurrency confirmed its breakout through the previous session high after trading up to $11.94 above it intraday.

Daily Candlestick Chart (BCHUSD as at Aug 13, 2019):

Daily technical analysis candlestick chart for Bitcoin Cash/US Dollar Index (BCHUSD) as at Aug 13, 2019

Tuesday's trading range has been $24.22 (7.33%), that's above the last trading month's daily average range of $19.72. Weekly volatility is also higher, being slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for BCHUSD.

Three candlestick patterns are matching today's price action, the White Candle which is known as bullish pattern and two bearish patterns, the Bearish Hikkake Pattern and the Last Engulfing Top Pattern.

Buyers managed to take out the key technical resistance level at 342.65 (now S1), which is likely to act as support going forward. The last time this happened on August 5th, BCHUSD actually lost -3.38% on the following trading day. After having been unable to move lower than 327.08 in the prior session, Bitcoin Cash found buyers again around the same price level today at 327.59.

BCH/USD shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish.

Among the 11 market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Price broke through Technical Resistance R1" stand out. Though it is usually interpreted as bullish, it has actually shown to be bearish for BCH/USD. Out of 73 times, BCHUSD closed lower 57.53% of the time on the next trading day after the market condition occurred.

With five out of the other six Major Cryptocurrencies closing lower today, the ones that stand out on the negative side are BTCUSD losing -4.47% and LTCUSD closing -1.23% lower. On the flipside the best performer has been ETCUSD closing 2.76% higher. Looking at the Minor Cryptocurrencies, the winners of the day have been BCHBTC surging 10.34% and BTGBTC closing 9.02% higher. The worst performers of the day have been XVGUSD tanking -6.59% and XMRUSD closing -6.04% lower. Read more


Market Conditions for BCHUSD as at Aug 13, 2019

Loading Market Conditions for BCHUSD (Bitcoin Cash/US Dollar Index)...
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