BTCEUR breaks back above 20-day moving average
Bitcoin/Euro Index (BTCEUR) Technical Analysis Report for Nov 10, 2019 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, BTCEUR finished Sunday at 8204.82 gaining €214.56 (2.69%). Closing above Saturday's high at 8060.60, the cryptocurrency confirmed its breakout through the previous session high after trading up to €204.11 above it intraday.
Daily Candlestick Chart (BTCEUR as at Nov 10, 2019):
Sunday's trading range has been €310.44 (3.88%), that's slightly below the last trading month's daily average range of €439.63. 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.
Two candlestick patterns are matching today's price action, the White Candle which is known as bullish pattern and one bearish pattern, the Bearish Hikkake Pattern.
BTC/EUR managed to close back above the 20-day moving average at 8071.49. When this moving average was crossed above the last time on October 25th, BTCEUR gained 5.95% on the following trading day. Prices are trading close to the key technical resistance level at 8406.25 (R1).
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 nearby swing low at 7878.22 where further sell stops might get triggered.
Among the eight market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Closed above last periods high" stand out. Its common bullish interpretation has been confirmed for BTC/EUR. Out of 726 times, BTCEUR closed higher 55.79% 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 62.26% with an average market move of 6.83%.
With six out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are BCHUSD gaining 3.73% and EOSUSD closing 3.16% higher. On the flipside the worst performer has been XRPUSD closing -0.14% lower. Looking at the other Minor Cryptocurrencies, the winners of the day have been XLMUSD surging 8.52% and VETBTC closing 6.78% higher. The worst performers of the day have been KMDBTC tanking -9.82% and KMDUSD closing -7.06% lower. Read more