BTCUSD closes within previous day's range after lackluster session
Bitcoin/US Dollar Index (BTCUSD) Technical Analysis Report for Dec 08, 2018 | by Techniquant Editorial Team
BTCUSD finished Saturday at 3481.91 gaining $69.68 (2.04%). Trading up to $125.36 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 November 29th, BTCUSD actually lost -6.06% on the following trading day. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range in a lackluster session.
Daily Candlestick Chart (BTCUSD as at Dec 08, 2018):
Saturday's trading range has been $307.28 (8.98%), that's below the last trading month's daily average range of $425.21. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for BTCUSD.
Two candlestick patterns are matching today's price action, the Bullish High-Wave Candle and the Bullish Spinning Top which are both known as bullish patterns.
Prices are trading close to the key technical support level at 3248.00 (S1). After having been unable to move lower than 3248.00 in the previous session, the market found buyers again around the same price level today at 3295.21.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Selling could speed up should prices move below the nearby swing low at 3248.00 where further sell stops might get activated.
Among the seven market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bullish High-Wave Candle" stand out. Its common bullish interpretation has been confirmed for BTC/USD. Out of 34 times, BTCUSD closed higher 58.82% 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 64.71% with an average market move of 5.83%.
With four out of the other six Major Cryptocurrencies closing lower today, the ones that stand out on the negative side are BCHUSD losing -4.7% and LTCUSD closing -1.04% lower. On the flipside the best performers have been EOSUSD closing 6.86% higher and XRPUSD gaining 2.28%. Looking at the Minor Cryptocurrencies, the winners of the day have been BTCCNY surging 21.7% and ETHCNY closing 18.49% higher. The worst performers of the day have been BCHBTC tanking -6.69% and IOTBTC closing -4.13% lower. Read more