BCHUSD dominated by bulls lifting the market higher throughout the day
Bitcoin Cash/US Dollar Index (BCHUSD) Technical Analysis Report for Nov 09, 2019 | by Techniquant Editorial Team
BCHUSD ended Saturday at 282.79 gaining $3.59 (1.29%) on low volume. The bulls were in full control today, moving the market higher throughout the whole session. Closing within the previous day's range, prices missed to decisively move beyond the prior day's trading range in a lackluster session.
Daily Candlestick Chart (BCHUSD as at Nov 09, 2019):
Saturday's trading range has been $7.50 (2.71%), that's far below the last trading month's daily average range of $21.20. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for BCHUSD.
During the whole day, prices traded within the previous day's range, unable to trade above the prior day's high or below the previous day's low forming an Inside Bar. Additionally, 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, BCHUSD actually lost -4.15% on the following trading day.
The market managed to close back above the 100-day moving average at 278.82.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Selling might speed up should prices move below the close-by swing low at 270.20 where further sell stops could get activated.
Among the eight market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bullish Short Candle" stand out. Although it is usually interpreted as bullish, it has actually shown to be bearish for BCH/USD. Out of 25 times, BCHUSD closed lower 80.00% 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 three trading days, showing a win rate of 64.00% with an average market move of -0.44%.
With four out of the other six Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are LTCUSD gaining 2.57% and EOSUSD closing 1.16% higher. On the flipside the worst performers have been ETCUSD closing -0.8% lower and BTCUSD losing -0.16%. Looking at the 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