BTCEUR finds buyers at key support level
Bitcoin/Euro Index (BTCEUR) Technical Analysis Report for Nov 09, 2019 | by Techniquant Editorial Team
BTCEUR ended Saturday at 7990.26 gaining €25.61 (0.32%) on low volume. Trading up to €57.65 lower after the open, BTC/EUR managed to reverse during the session as bulls took control ending the day above its opening price. 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 Nov 09, 2019):
Saturday's trading range has been €153.60 (1.93%), that's below the last trading month's daily average range of €432.36. Weekly volatility is also lower, being 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. After moving lower in the previous session, the cryptocurrency managed to close higher but below the prior day's open, forming a bullish Harami Candle. The last time this candlestick pattern showed up on October 17th, BTCEUR actually lost -1.50% on the following trading day. Additionally, one bullish candlestick pattern matches today's price action, the Bullish Spinning Top.
After trading down to 7907.00 earlier during the day, the market bounced off the key technical support level at 7909.79 (S1). The failure to close below the support might increase that levels significance as support going forward. After having been unable to move lower than 7878.22 in the previous session, BTC found buyers again around the same price level today at 7907.00.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Selling could speed up should prices move below the close-by swing low at 7878.22 where further sell stops might get activated.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bullish Spinning Top" stand out. Its common bullish interpretation has been confirmed for BTC/EUR. Out of 311 times, BTCEUR closed higher 56.59% 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 60.13% with an average market move of 4.61%.
With five out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are LTCUSD gaining 2.57% and BCHUSD closing 1.29% higher. On the flipside the worst performers have been ETCUSD closing -0.8% lower and BTCUSD losing -0.16%. Looking at the other 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