BTCUSD falls to lowest close since December 27, 2018
Bitcoin/US Dollar Index (BTCUSD) Technical Analysis Report for Jan 11, 2019 | by Techniquant Editorial Team
Moving lower for the 2nd day in a row, BTCUSD ended the week -10.73% lower at 3667.10 after edging lower $5.11 (-0.14%) today. Today's close at 3667.10 marks the lowest recorded closing price since December 27, 2018. Trading $61.54 higher after the open, BTC was unable to hold its gains as the bears took control ending the day below its opening price. 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 (BTCUSD as at Jan 11, 2019):
Friday's trading range has been $113.28 (3.09%), that's below the last trading month's daily average range of $208.50. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for BTCUSD.
Three candlestick patterns are matching today's price action, the Bullish Doji Star and the Southern Doji which are both known as bullish patterns and one neutral pattern, the Doji.
Prices are trading close to the key technical support level at 3545.37 (S1). After having been unable to move lower than 3631.07 in the previous session, the market found buyers again around the same price level today at 3616.41. The last time this happened on Wednesday, BTCUSD actually lost -9.31% on the following trading day.
The trend is clearly bearish, showing an intact downtrend 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 "Bearish Intraday Reversal" stand out. Although it is usually interpreted as bearish, it has actually shown to be bullish for BTC/USD. Out of 353 times, BTCUSD closed higher 55.81% 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 59.77% with an average market move of 7.13%.
With five out of the other six Major Cryptocurrencies closing lower today, the ones that stand out on the negative side are LTCUSD losing -5.46% and BCHUSD closing -3.14% lower. On the flipside the best performer has been ETCUSD closing 1.12% higher. Looking at the Minor Cryptocurrencies, the winners of the day have been HSRBTC surging 5.58% and XEMUSD closing 5.39% higher. The worst performers of the day have been ETHCNY tanking -39.56% and LTCCNY closing -35.67% lower. Read more