BTCGBP still stuck within tight trading range
Bitcoin/British Pound Index (BTCGBP) Technical Analysis Report for Oct 17, 2020 | by Techniquant Editorial Team
BTCGBP finished Saturday at 8833.70 gaining £54.02 (0.62%) on low volume. 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 Oct 17, 2020):
Saturday's trading range has been £144.80 (1.65%), that's below the last trading month's daily average range of £200.15. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for BTCGBP. Prices continued to consolidate within a tight trading range between 8691.77 and 8992.72 where it has been caught now for the whole last trading week.
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.
Prices are trading close to the key technical support level at 8726.85 (S1). Prices are trading close to the key technical resistance level at 8971.43 (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 close-by swing high at 8992.72 where further buy stops might get triggered. Selling could speed up should prices move below the nearby swing low at 8698.08 where further sell stops might get activated. Further buying could move prices higher should the market test September's close-by high at 9056.19.
Among the two market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Close to Swing High" stand out. Though it is usually interpreted as neutral, it has actually shown to be bullish for BTC/GBP. Out of 1,209 times, BTCGBP closed higher 53.60% 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 54.67% with an average market move of 2.78%.
With four out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are ETHUSD gaining 0.81% and BTCUSD closing 0.37% higher. On the flipside the worst performers have been BCHUSD closing -2.05% lower and LTCUSD losing -1.43%. Looking at the other Minor Cryptocurrencies, the winners of the day have been WAVESUSD surging 8.14% and WAVESBTC closing 7.59% higher. The worst performers of the day have been BCNUSD tanking -10.94% and BCHBTC closing -2.26% lower. Read more