BTCGBP dominated by bulls lifting the market higher throughout the day
Bitcoin/British Pound Index (BTCGBP) Technical Analysis Report for Mar 16, 2019 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, BTCGBP finished Saturday at 3006.39 gaining £59.53 (2.02%) on low volume. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Friday's high at 2951.62, Bitcoin confirmed its breakout through the previous session high after trading up to £71.81 above it intraday.
Daily Candlestick Chart (BTCGBP as at Mar 16, 2019):
Saturday's trading range has been £88.38 (3.0%), that's slightly above the last trading month's daily average range of £75.34. 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 slightly lower than usual for BTCGBP.
One bullish candlestick pattern matches today's price action, the White Candle.
Prices are trading close to the key technical resistance level at 3056.47 (R1).
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 3056.47 where further buy 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/GBP. Out of 578 times, BTCGBP closed higher 53.11% 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 62.46% with an average market move of 7.08%.
With seven out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are BCHUSD gaining 8.19% and LTCUSD closing 4.83% higher. None of the markets ended the day in the red. Looking at the other Minor Cryptocurrencies, the winners of the day have been BCHBTC surging 5.72% and LTCGBP closing 5.01% higher. The worst performers of the day have been SCBTC tanking -5.56% and KMDBTC closing -5.06% lower. Read more