BTCEUR pops to highest close since July 9, 2019
Bitcoin/Euro Index (BTCEUR) Technical Analysis Report for Oct 26, 2020 | by Techniquant Editorial Team
BTCEUR finished Monday at 11074.50 gaining €75.31 (0.68%). Today's close at 11074.50 marks the highest recorded closing price since July 9, 2019. Trading up to €167.37 lower after the open, the cryptocurrency 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.
Daily Candlestick Chart (BTCEUR as at Oct 26, 2020):
Monday's trading range has been €374.01 (3.4%), that's slightly above the last trading month's daily average range of €290.62. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently higher than usual for BTCEUR. Prices continued to consolidate within a tight trading range between 10699.37 and 11224.76 where it has been caught now for the whole last trading week.
Two candlestick patterns are matching today's price action, the Bullish Spinning Top which is known as bullish pattern and one bearish pattern, the Last Engulfing Top Pattern.
Unable to break through the key technical resistance level at 11156.22 (R1), the market closed below it after spiking up to 11205.83 earlier during the day. The failure to close above the resistance might increase that levels importance going forward. BTC/EUR found buyers again today around 10831.82 for the third trading day in a row after having found demand at 10886.61 in the prior session and at 10849.21 two days ago. The last time this happened on October 17th, BTCEUR gained 1.26% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying could accelerate should prices move above the nearby swing high at 11224.76 where further buy stops might get activated.
Among the eight 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 348 times, BTCEUR closed higher 56.90% 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 59.77% with an average market move of 4.22%.