BTCEUR closes higher for the 2nd day in a row
Bitcoin/Euro Index (BTCEUR) Technical Analysis Report for Oct 13, 2018 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, BTCEUR finished Saturday at 5401.95 gaining €18.53 (0.34%) on low volume. 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 (BTCEUR as at Oct 13, 2018):
Saturday's trading range has been €37.85 (0.7%), that's below the last trading month's daily average range of €192.23. 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 BTCEUR.
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.
Buyers managed to take out the key technical resistance level at 5393.14 (now S1), which is likely to act as support going forward. After having been unable to move above 5423.66 in the previous session, Bitcoin ran into sellers again around the same price level today, missing to move higher than 5416.24. The last time this happened on Wednesday, BTCEUR lost -6.41% on the following trading day.
Crossing above the lower Bollinger Band, prices have lost at least some of their downward momentum in the short-term and could now be heading back up towards the mean of the Bollinger Bands at 5627.71.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Selling might accelerate should prices move below the nearby swing low at 5299.72 where further sell stops could get triggered. Trading close to August's low at 5177.50 we might see further downside momentum if potential sell stops at the level get activated.
Among the six 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. Its common bullish interpretation has been confirmed for BTC/EUR. Out of 274 times, BTCEUR closed higher 57.30% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 61.68% with an average market move of 4.73%.
With five out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are ETHUSD gaining 1.6% and EOSUSD closing 1.54% higher. On the flipside the worst performer has been XRPUSD closing -0.38% lower. Looking at the other Minor Cryptocurrencies, the winners of the day have been STEEMBTC surging 5.26% and SCBTC closing 4.08% higher. The worst performers of the day have been BCNUSD tanking -4.43% and BTGBTC closing -2.26% lower. Read more