BTCGBP closes higher for the 6th day in a row


Bitcoin/British Pound Index (BTCGBP) Technical Analysis Report for Nov 21, 2020 | by Techniquant Editorial Team

Highlights

BTCGBP rises to highest close since December 18, 2017
BTCGBP closes above its opening price after recovering from early selling pressure
BTCGBP finds buyers at key support level
BTCGBP closes higher for the 6th day in a row
BTCGBP closes within previous day's range after lackluster session

Overview

Moving higher for the 6th day in a row, BTCGBP finished Saturday at 14108.89 gaining £32.28 (0.23%). Today's close at 14108.89 marks the highest recorded closing price since December 18, 2017. Trading up to £197.87 lower after the open, the cryptocurrency 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 missed to decisively move beyond the previous day's trading range in a lackluster session.

Daily Candlestick Chart (BTCGBP as at Nov 21, 2020):

Daily technical analysis candlestick chart for Bitcoin/British Pound Index (BTCGBP) as at Nov 21, 2020

Saturday's trading range has been £402.37 (2.86%), that's below the last trading month's daily average range of £624.60. Things look different on the weekly timeframe, where the market's trading range of the last week has been 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 Bullish Spinning Top.

After trading down to 13878.74 earlier during the day, BTC/GBP bounced off the key technical support level at 13941.95 (S1). The failure to close below the support might increase that levels importance as support going forward. When prices bounced off a significant support level the last time on November 15th, BTCGBP gained 4.66% on the following trading day.

Crossing below the upper Bollinger Band, prices have lost at least some of their upward momentum in the short-term and could now be heading back down towards the mean of the Bollinger Bands at 12218.69.

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

Among the six market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "52 Week High" stand out. Its common bullish interpretation has been confirmed for BTC/GBP. Out of 210 times, BTCGBP closed higher 62.38% 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 68.57% with an average market move of 12.72%.


Market Conditions for BTCGBP as at Nov 21, 2020

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