BTCJPY closes above its opening price after recovering from early selling pressure
Bitcoin/Japanese Yen Index (BTCJPY) Technical Analysis Report for Nov 21, 2020 | by Techniquant Editorial Team
Moving higher for the 6th day in a row, BTCJPY ended Saturday at 1940424.47 gaining ¥1245.00 (0.06%). Today's close at 1940424.47 marks the highest recorded closing price since January 13, 2018. Trading up to ¥25961.24 lower after the open, BTC managed to reverse during the session as bulls took control ending the day above its opening price. The last time this happened on Thursday, BTCJPY gained 4.82% on the following trading day. 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 (BTCJPY as at Nov 21, 2020):
Saturday's trading range has been ¥57943.32 (2.99%), that's below the last trading month's daily average range of ¥85774.46. 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 notably higher than usual for BTCJPY.
Two candlestick patterns are matching today's price action, the Northern Doji which is known as bearish pattern and one neutral pattern, the Doji.
After trading down to 1913218.23 earlier during the day, Bitcoin bounced off the key technical support level at 1925947.94 (S1). The failure to close below the support might increase that levels significance as support going forward.
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 1677469.28.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the seven 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/JPY. Out of 159 times, BTCJPY closed higher 64.15% 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 72.33% with an average market move of 18.03%.