BTCEUR runs into sellers again around 8542.56

Bitcoin/Euro Index (BTCEUR) Technical Analysis Report for May 23, 2020 | by Techniquant Editorial Team


BTCEUR closes higher for the 2nd day in a row
BTCEUR runs into sellers again around 8542.56
BTCEUR closes within previous day's range after lackluster session


Moving higher for the 2nd day in a row, BTCEUR finished Saturday at 8425.54 edging higher €8.53 (0.1%) on low volume. Closing within the previous day's range, prices missed to decisively move beyond the prior day's trading range in a lackluster session.

Daily Candlestick Chart (BTCEUR as at May 23, 2020):

Daily technical analysis candlestick chart for Bitcoin/Euro Index (BTCEUR) as at May 23, 2020

Saturday's trading range has been €186.82 (2.22%), that's far below the last trading month's daily average range of €507.68. 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.

Three candlestick patterns are matching today's price action, the Southern Doji which is known as bullish pattern, one bearish pattern, the Bearish Hikkake Pattern and one neutral pattern, the Doji.

Prices are trading close to the key technical support level at 8196.48 (S1). After having been unable to move above 8510.24 in the previous session, the cryptocurrency ran into sellers again around the same price level today, missing to move higher than 8542.56. The last time this happened on Wednesday, BTCEUR lost -4.50% on the following trading day.

BTC shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend still being bullish.

Selling might accelerate should prices move below the close-by swing low at 8044.58 where further sell stops could get activated.

Among the six market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Doji" stand out. While it is usually interpreted as neutral, it has actually shown to be bullish for BTC/EUR. Out of 183 times, BTCEUR closed higher 60.11% 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 58.47% with an average market move of 5.86%.

With five out of the seven Major Cryptocurrencies closing lower today, the ones that stand out on the negative side are EOSUSD losing -1.16% and LTCUSD closing -0.81% lower. On the flipside the best performers have been ETCUSD closing 1.55% higher and BTCUSD gaining 0.23%. Looking at the other Minor Cryptocurrencies, the winners of the day have been BCNUSD surging 10.84% and XVGUSD closing 5.05% higher. The worst performers of the day have been HSRBTC tanking -9.88% and ARDRBTC closing -9.27% lower. Read more

Market Conditions for BTCEUR as at May 23, 2020

Loading Market Conditions for BTCEUR (Bitcoin/Euro Index)...
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