BTCGBP rises to highest close since August 12, 2019


Bitcoin/British Pound Index (BTCGBP) Technical Analysis Report for Aug 01, 2020 | by Techniquant Editorial Team

Highlights

BTCGBP pushes through key technical resistance level
BTCGBP rises to highest close since August 12, 2019
BTCGBP dominated by bulls lifting the market higher throughout the day
BTCGBP closes higher for the 2nd day in a row
BTCGBP pushes through Friday's high

Overview

Moving higher for the 2nd day in a row, BTCGBP finished Saturday at 9081.86 surging £354.14 (4.06%). Today's close at 9081.86 marks the highest recorded closing price since August 12, 2019. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Friday's high at 8777.03, the market confirmed its breakout through the previous session high after trading up to £375.58 above it intraday.

Daily Candlestick Chart (BTCGBP as at Aug 01, 2020):

Daily technical analysis candlestick chart for Bitcoin/British Pound Index (BTCGBP) as at Aug 01, 2020

Saturday's trading range has been £503.03 (5.76%), that's far above the last trading month's daily average range of £242.11. Weekly volatility is also higher, being above the market's average weekly trading range. The longer-term, monthly volatility is currently strongly higher than usual for BTCGBP.

One bullish candlestick pattern matches today's price action, the White Candle.

Buyers managed to take out the key technical resistance level at 8765.82 (now S1), which is likely to act as support going forward.

Crossing above the upper Bollinger Band for the first time since Wednesday, prices have shown unusually strong upward momentum in the short-term. This might either indicate a potential buying climax after which prices could head back down towards the mean of the Bollinger Bands at 7801.11 or signal the beginning of a strong momentum breakout leading to even higher prices. The last time prices broke out above the upper Bollinger Band on July 25th, BTCGBP gained 2.19% on the following trading day.

The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.

Among the 10 market conditions that our pattern recognition engine identified today, the statistics for the Technical Indicators based market condition "Close crossed above the upper Bollinger Band" stand out. Its common bullish interpretation has been confirmed for BTC/GBP. Out of 134 times, BTCGBP closed higher 60.45% 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 61.19% with an average market move of 7.65%.

With seven out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are XRPUSD gaining 12.04% and ETHUSD closing 11.71% higher. None of the markets ended the day in the red. Looking at the other Minor Cryptocurrencies, the winners of the day have been ZECUSD surging 19.59% and DOGEUSD closing 15.6% higher. The worst performers of the day have been STRATBTC tanking -4.08% and ARDRBTC closing -4.0% lower. Read more


Market Conditions for BTCGBP as at Aug 01, 2020

Loading Market Conditions for BTCGBP (Bitcoin/British Pound Index)...
Trending Assets

Upgrade your trading!

Get the stats behind the charts

Find out what happened when Bitcoin/British Pound Index traded like this in the past. See the odds for each technical pattern with expected gain and loss.

Find out more
Top Movers
You have free reports remaining. Subscribe for unlimited access...SUBSCRIBELOGINGO!