BTCJPY closes higher for the 2nd day in a row
Bitcoin/Japanese Yen Index (BTCJPY) Technical Analysis Report for Nov 10, 2019 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, BTCJPY ended Sunday at 987681.09 gaining ¥25925.14 (2.7%). Closing above Saturday's high at 970479.18, the cryptocurrency confirmed its breakout through the prior session high after trading up to ¥25614.76 above it intraday.
Daily Candlestick Chart (BTCJPY as at Nov 10, 2019):
Sunday's trading range has been ¥39013.60 (4.05%), that's slightly below the last trading month's daily average range of ¥53516.81. 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.
Two candlestick patterns are matching today's price action, the White Candle which is known as bullish pattern and one bearish pattern, the Bearish Hikkake Pattern.
BTC managed to close back above the 20-day moving average at 973370.23. When this moving average was crossed above the last time on October 25th, BTCJPY gained 5.88% on the following trading day. Unable to break through the key technical resistance level at 991840.31 (R1), Bitcoin closed below it after spiking up to 996093.94 earlier during the day. The failure to close above the resistance could increase that levels importance going forward. After having been unable to move lower than 953984.45 in the previous session, BTC/JPY found buyers again around the same price level today at 957080.34.
While the market is experiencing a short-term uptrend, this might just be a correction, as both the medium and long-term trends are still bearish.
Selling could speed up should prices move below the close-by swing low at 944613.99 where further sell stops might get activated.
Among the eight market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bearish Hikkake Pattern" stand out. Although it is usually interpreted as bearish, it has actually shown to be bullish for BTC/JPY. Out of 208 times, BTCJPY closed higher 61.06% 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 56.73% with an average market move of 4.78%.
With six out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are BCHUSD gaining 3.73% and EOSUSD closing 3.16% higher. On the flipside the worst performer has been XRPUSD closing -0.14% lower. Looking at the other Minor Cryptocurrencies, the winners of the day have been XLMUSD surging 8.52% and VETBTC closing 6.78% higher. The worst performers of the day have been KMDBTC tanking -9.82% and KMDUSD closing -7.06% lower. Read more