BTCJPY closes within prior day's range after lackluster session
Bitcoin/Japanese Yen Index (BTCJPY) Technical Analysis Report for Nov 09, 2019 | by Techniquant Editorial Team
BTCJPY finished Saturday at 961755.95 gaining ¥3206.16 (0.33%). Closing within the previous day's range, prices missed to decisively move beyond the prior day's trading range in a lackluster session.
Daily Candlestick Chart (BTCJPY as at Nov 09, 2019):
Saturday's trading range has been ¥16494.73 (1.72%), that's below the last trading month's daily average range of ¥52496.35. 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 BTCJPY.
During the whole day, prices traded within the previous day's range, unable to trade above the prior day's high or below the previous day's low forming an Inside Bar. After moving lower in the prior session, BTC/JPY managed to close higher but below the previous day's open, forming a bullish Harami Candle. The last time this candlestick pattern showed up on October 17th, BTCJPY actually lost -1.23% on the following trading day. Additionally, one bullish candlestick pattern matches today's price action, the Bullish Spinning Top.
Prices are trading close to the key technical support level at 944613.99 (S1).
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 nearby swing low at 944613.99 where further sell stops could get triggered.
Among the three market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bullish Spinning Top" stand out. Its common bullish interpretation has been confirmed for BTC/JPY. Out of 238 times, BTCJPY closed higher 55.46% 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 63.03% with an average market move of 5.48%.
With five out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are LTCUSD gaining 2.57% and BCHUSD closing 1.29% higher. On the flipside the worst performers have been ETCUSD closing -0.8% lower and BTCUSD losing -0.16%. Looking at the other Minor Cryptocurrencies, the winners of the day have been KMDBTC surging 19.83% and KMDUSD closing 19.72% higher. The worst performers of the day have been SCBTC tanking -4.35% and PIVXBTC closing -4.06% lower. Read more