BTCUSD pops to highest close since January 19th
Bitcoin/US Dollar Index (BTCUSD) Technical Analysis Report for Feb 10, 2019 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, BTCUSD ended Sunday at 3683.47 gaining $36.19 (0.99%). Today's close at 3683.47 marks the highest recorded closing price since January 19th. Trading up to $40.80 lower after the open, the market managed to reverse during the session as bulls took control ending the day above its opening price. The last time this happened on February 5th, BTCUSD actually lost -1.66% on the following trading day. Closing above Saturday's high at 3673.71, BTC confirmed its breakout through the prior session high after trading up to $15.61 above it intraday.
Daily Candlestick Chart (BTCUSD as at Feb 10, 2019):
Sunday's trading range has been $77.86 (2.13%), that's slightly below the last trading month's daily average range of $98.57. 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.
In a volatile session, prices traded above the previous day's high as well as below the prior day's low, forming a bullish Outside Bar.
Prices are trading close to the key technical resistance level at 3718.58 (R1). After having been unable to move lower than 3616.11 in the previous session, BTC/USD found buyers again around the same price level today at 3611.46.
While Bitcoin is experiencing a short-term uptrend, this could just be a correction, as both the medium and long-term trends are still bearish.
Buying might accelerate should prices move above the close-by swing high at 3735.10 where further buy stops could get triggered.
Among the nine market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Up Close near high of period" stand out. Its common bullish interpretation has been confirmed for BTC/USD. Out of 591 times, BTCUSD closed higher 54.99% 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 60.74% with an average market move of 8.35%.
With four out of the other six Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are LTCUSD gaining 5.94% and ETHUSD closing 5.17% higher. On the flipside the worst performers have been XRPUSD closing -0.51% lower and BCHUSD losing -0.41%. Looking at the Minor Cryptocurrencies, the winners of the day have been HSRBTC surging 9.24% and LTCGBP closing 6.51% higher. The worst performers of the day have been BCNUSD tanking -4.57% and TRXBTC closing -1.95% lower. Read more