BTCEUR pushes through Friday's high
Bitcoin/Euro Index (BTCEUR) Technical Analysis Report for Aug 01, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, BTCEUR ended Saturday at 10042.95 surging €399.17 (4.14%). Today's close at 10042.95 marks the highest recorded closing price since August 12, 2019. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Friday's high at 9721.74, the cryptocurrency confirmed its breakout through the prior session high after trading up to €371.52 above it intraday.
Daily Candlestick Chart (BTCEUR as at Aug 01, 2020):
Saturday's trading range has been €537.31 (5.57%), that's far above the last trading month's daily average range of €264.07. Weekly volatility is also higher, being way above the market's average weekly trading range. The longer-term, monthly volatility is currently strongly higher than usual for BTCEUR.
One bullish candlestick pattern matches today's price action, the White Candle.
Buyers managed to take out the key technical resistance level at 9692.72 (now S1), which is likely to act as support going forward. The last time this happened on July 27th, BTCEUR actually lost -0.22% on the following trading day.
With another close above the upper Bollinger Band, prices are confirming their strong upward momentum in the short-term. A drop back into the Bollinger Band on the next trading day although could signal a potential change in momentum that might lead to a correction back down towards the center of the Bollinger Bands at 8575.53.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the nine market conditions that our pattern recognition engine identified today, the statistics for the Technical Indicators based market condition "Close above the upper Bollinger Band" stand out. Its common bullish interpretation has been confirmed for BTC/EUR. Out of 314 times, BTCEUR closed higher 57.96% 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 66.88% with an average market move of 9.17%.
With seven out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are XRPUSD gaining 12.04% and ETHUSD closing 11.71% higher. None of the markets ended the day in the red. Looking at the other Minor Cryptocurrencies, the winners of the day have been ZECUSD surging 19.59% and DOGEUSD closing 15.6% higher. The worst performers of the day have been STRATBTC tanking -4.08% and ARDRBTC closing -4.0% lower. Read more