BTCEUR dominated by bulls lifting the market higher throughout the day
Bitcoin/Euro Index (BTCEUR) Technical Analysis Report for Oct 18, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, BTCEUR finished Sunday at 9827.81 gaining €122.29 (1.26%) on low volume. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Saturday's high at 9738.51, Bitcoin confirmed its breakout through the prior session high after trading up to €89.66 above it intraday.
Daily Candlestick Chart (BTCEUR as at Oct 18, 2020):
Sunday's trading range has been €129.61 (1.34%), that's below the last trading month's daily average range of €199.16. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for BTCEUR. Prices continued to consolidate within a tight trading range between 9602.04 and 9904.15 where it has been caught now for the whole last trading week.
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. The last time a White Candle showed up on October 11th, BTCEUR gained 1.41% on the following trading day.
Prices are trading close to the key technical support level at 9686.07 (S1).
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying might accelerate should prices move above the nearby swing high at 9904.15 where further buy stops could get activated. Selling might speed up should prices move below the close-by swing low at 9602.04 where further sell stops could get triggered. Further buying might move prices higher should the market test September's nearby high at 10111.12.
Among the nine market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Decisive Up Move" stand out. Its common bullish interpretation has been confirmed for BTC/EUR. Out of 451 times, BTCEUR closed higher 54.55% 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 61.42% with an average market move of 6.97%.
With six out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are ETHUSD gaining 2.69% and BCHUSD closing 1.76% higher. On the flipside the worst performer has been ETCUSD closing -0.36% lower. Looking at the other Minor Cryptocurrencies, the winners of the day have been BCNUSD surging 13.16% and VETBTC closing 5.15% higher. The worst performers of the day have been WAVESBTC tanking -5.27% and WAVESUSD closing -4.08% lower. Read more