BTCGBP closes above its opening price after recovering from early selling pressure
Bitcoin/British Pound Index (BTCGBP) Technical Analysis Report for Nov 09, 2019 | by Techniquant Editorial Team
BTCGBP ended Saturday at 6900.40 gaining £20.82 (0.3%) on low volume. Trading up to £49.58 lower after the open, BTC/GBP 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 in a lackluster session.
Daily Candlestick Chart (BTCGBP as at Nov 09, 2019):
Saturday's trading range has been £124.18 (1.81%), that's below the last trading month's daily average range of £378.39. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for BTCGBP.
During the whole day, prices traded within the prior day's range, unable to trade above the previous day's high or below the prior day's low forming an Inside Bar. After moving lower in the previous session, BTC managed to close higher but below the prior day's open, forming a bullish Harami Candle. The last time this candlestick pattern showed up on October 24th, BTCGBP gained 15.80% on the following trading day. Additionally, one bullish candlestick pattern matches today's price action, the Bullish Spinning Top.
Prices are trading close to the key technical support level at 6783.87 (S1).
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Selling might speed up should prices move below the close-by swing low at 6781.87 where further sell stops could get activated.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Bullish Intraday Reversal" stand out. Its common bullish interpretation has been confirmed for BTC/GBP. Out of 538 times, BTCGBP closed higher 54.09% 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 56.32% with an average market move of 3.53%.
With five out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are LTCUSD gaining 2.57% and BCHUSD closing 1.29% higher. On the flipside the worst performers have been ETCUSD closing -0.8% lower and BTCUSD losing -0.16%. Looking at the other Minor Cryptocurrencies, the winners of the day have been KMDBTC surging 19.83% and KMDUSD closing 19.72% higher. The worst performers of the day have been SCBTC tanking -4.35% and PIVXBTC closing -4.06% lower. Read more