BTCEUR runs into sellers again around 10512.56
Bitcoin/Euro Index (BTCEUR) Technical Analysis Report for Jul 13, 2019 | by Techniquant Editorial Team
BTCEUR ended Saturday at 10088.66 losing €382.78 (-3.66%). Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range.
Daily Candlestick Chart (BTCEUR as at Jul 13, 2019):
Saturday's trading range has been €889.73 (8.49%), that's slightly below the last trading month's daily average range of €1024.66. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently lower than usual for BTCEUR.
Regardless of a strong opening the market closed below the previous day's open and close, forming a bearish Engulfing Candle. Additionally, one bullish candlestick pattern matches today's price action, the Bullish Hikkake Pattern.
After trading down to 9622.83 earlier during the day, BTC bounced off the key technical support level at 9890.47 (S1). The failure to close below the support might increase that levels significance as support going forward. BTC/EUR closed back below the 20-day moving average at 10230.78. After having been unable to move above 10595.38 in the prior session, Bitcoin ran into sellers again around the same price level today, missing to move higher than 10512.56. The last time this happened on July 7th, BTCEUR actually gained 7.41% on the following trading day.
While the cryptocurrency is currently in a short-term downtrend, this could just be a correction, as both the medium and long-term trends are still bullish.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bullish Hikkake Pattern" stand out. Its common bullish interpretation has been confirmed for BTC/EUR. Out of 202 times, BTCEUR closed higher 55.45% 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 62.38% with an average market move of 4.79%.
With seven out of the seven Major Cryptocurrencies closing lower today, the ones that stand out on the negative side are XRPUSD losing -3.89% and LTCUSD closing -3.82% lower. None of the markets managed to end the day in the green. Looking at the other Minor Cryptocurrencies, the winners of the day have been BCNUSD surging 10.06% and XVGBTC closing 5.26% higher. The worst performers of the day have been LTCCNY tanking -8.31% and NEOUSD closing -8.22% lower. Read more