BTCGBP runs into sellers again around 7669.60


Bitcoin/British Pound Index (BTCGBP) Technical Analysis Report for May 23, 2020 | by Techniquant Editorial Team

Highlights

BTCGBP closes below its opening price unable to hold early session gains
BTCGBP unable to break through key resistance level
BTCGBP runs into sellers again around 7669.60
BTCGBP closes within previous day's range after lackluster session

Overview

BTCGBP ended Saturday at 7555.47 edging lower £2.16 (-0.03%) on low volume. Trading £111.97 higher after the open, the market was unable to hold its gains as the bears took control ending the day below 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 May 23, 2020):

Daily technical analysis candlestick chart for Bitcoin/British Pound Index (BTCGBP) as at May 23, 2020

Saturday's trading range has been £174.50 (2.31%), that's far below the last trading month's daily average range of £453.08. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently lower than usual for BTCGBP.

Three candlestick patterns are matching today's price action, the Southern Doji which is known as bullish pattern, one bearish pattern, the Bearish Hikkake Pattern and one neutral pattern, the Doji.

Unable to break through the key technical resistance level at 7603.21 (R1), Bitcoin closed below it after spiking up to 7669.60 earlier during the day. The failure to close above the resistance might increase that levels significance going forward. After having been unable to move above 7631.76 in the prior session, BTC/GBP ran into sellers again around the same price level today, failing to move higher than 7669.60. The last time this happened on Wednesday, BTCGBP lost -4.79% on the following trading day.

The cryptocurrency shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend still being bullish.

Selling could speed up should prices move below the close-by swing low at 7206.29 where further sell stops might get activated.

Among the seven market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Bearish Intraday Reversal" stand out. Though it is usually interpreted as bearish, it has actually shown to be bullish for BTC/GBP. Out of 497 times, BTCGBP closed higher 56.14% 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 54.93% with an average market move of 3.79%.

With five out of the seven Major Cryptocurrencies closing lower today, the ones that stand out on the negative side are EOSUSD losing -1.16% and LTCUSD closing -0.81% lower. On the flipside the best performers have been ETCUSD closing 1.55% higher and BTCUSD gaining 0.23%. Looking at the other Minor Cryptocurrencies, the winners of the day have been BCNUSD surging 10.84% and XVGUSD closing 5.05% higher. The worst performers of the day have been HSRBTC tanking -9.88% and ARDRBTC closing -9.27% lower. Read more


Market Conditions for BTCGBP as at May 23, 2020

Loading Market Conditions for BTCGBP (Bitcoin/British Pound Index)...
Latest Report:

BTCGBP finds buyers again around 7574.98

May 30, 2020
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