BTCGBP finds buyers again around 6856.85
Bitcoin/British Pound Index (BTCGBP) Technical Analysis Report for Nov 10, 2019 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, BTCGBP finished Sunday at 7080.38 gaining £179.98 (2.61%). Closing above Saturday's high at 6954.18, the market confirmed its breakout through the prior session high after trading up to £168.47 above it intraday.
Daily Candlestick Chart (BTCGBP as at Nov 10, 2019):
Sunday's trading range has been £265.80 (3.85%), that's slightly below the last trading month's daily average range of £384.84. 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.
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.
BTC/GBP managed to close back above the 20-day moving average at 6975.00. When this moving average was crossed above the last time on October 25th, BTCGBP gained 6.56% on the following trading day. Prices are trading close to the key technical resistance level at 7271.65 (R1). After having been unable to move lower than 6830.00 in the previous session, the cryptocurrency found buyers again around the same price level today at 6856.85.
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 triggered.
Among the nine 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 650 times, BTCGBP closed higher 53.69% 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 63.08% with an average market move of 7.14%.
With six out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are BCHUSD gaining 3.73% and EOSUSD closing 3.16% higher. On the flipside the worst performer has been XRPUSD closing -0.14% lower. Looking at the other Minor Cryptocurrencies, the winners of the day have been XLMUSD surging 8.52% and VETBTC closing 6.78% higher. The worst performers of the day have been KMDBTC tanking -9.82% and KMDUSD closing -7.06% lower. Read more