BCHUSD pushes through Friday's high
Bitcoin Cash/US Dollar Index (BCHUSD) Technical Analysis Report for Aug 01, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, BCHUSD ended Saturday at 319.96 surging $18.76 (6.23%) on high volume. Today's close at 319.96 marks the highest recorded closing price since March 7th. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Friday's high at 306.43, the cryptocurrency confirmed its breakout through the prior session high after trading up to $15.10 above it intraday.
Daily Candlestick Chart (BCHUSD as at Aug 01, 2020):
Saturday's trading range has been $23.01 (7.64%), that's far above the last trading month's daily average range of $12.79. Weekly volatility is also higher, being way above the market's average weekly trading range. The longer-term, monthly volatility is currently higher than usual for BCHUSD.
One bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on Tuesday, BCHUSD actually lost -0.46% on the following trading day.
With another close above the upper Bollinger Band, prices are confirming their strong upward momentum in the short-term. A drop back into the Bollinger Band on the next trading day while could signal a potential change in momentum that might lead to a correction back down towards the center of the Bollinger Bands at 250.75.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the nine market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "White Candle" stand out. Though it is usually interpreted as bullish, it has actually shown to be bearish for BCH/USD. Out of 225 times, BCHUSD closed lower 61.33% of the time on the next trading day after the market condition occurred.
With six out of the other six 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 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