BCHUSD closes within prior day's range after lackluster session
Bitcoin Cash/US Dollar Index (BCHUSD) Technical Analysis Report for Oct 18, 2020 | by Techniquant Editorial Team
BCHUSD ended Sunday at 249.53 gaining $4.32 (1.76%). Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range in a lackluster session.
Daily Candlestick Chart (BCHUSD as at Oct 18, 2020):
Sunday's trading range has been $6.97 (2.84%), that's below the last trading month's daily average range of $10.06. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly above 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 prior day's range, unable to trade above the previous day's high or below the prior day's low forming an Inside Bar. Additionally, one bullish candlestick pattern matches today's price action, the White Candle.
The market managed to close back above the 200-day moving average at 246.18. When this moving average was crossed above the last time on October 13th, BCHUSD gained 2.22% on the following trading day. After having been unable to move above 252.50 in the previous session, BCH/USD ran into sellers again around the same price level today, failing to move higher than 250.94.
Bitcoin Cash shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish.
Selling might speed up should prices move below the close-by swing low at 241.42 where further sell stops could get activated.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "White Candle" stand out. Although it is usually interpreted as bullish, it has actually shown to be bearish for BCH/USD. Out of 241 times, BCHUSD closed lower 61.83% of the time on the next trading day after the market condition occurred.
With five out of the other six Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are ETHUSD gaining 2.69% and LTCUSD closing 1.36% higher. On the flipside the worst performer has been ETCUSD closing -0.36% lower. Looking at the Minor Cryptocurrencies, the winners of the day have been BCNUSD surging 13.16% and VETBTC closing 5.15% higher. The worst performers of the day have been WAVESBTC tanking -5.27% and WAVESUSD closing -4.08% lower. Read more