BTCUSD finds buyers again around 5031.20
Bitcoin/US Dollar Index (BTCUSD) Technical Analysis Report for Apr 14, 2019 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, BTCUSD finished Sunday at 5161.10 gaining $70.28 (1.38%). Closing above Saturday's high at 5128.96, the market confirmed its breakout through the prior session high after trading up to $57.86 above it intraday.
Daily Candlestick Chart (BTCUSD as at Apr 14, 2019):
Sunday's trading range has been $155.62 (3.06%), that's slightly below the last trading month's daily average range of $215.28. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently higher 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. The last time this happened on April 1st, BTCUSD gained 18.92% on the following trading day. Additionally, one bullish candlestick pattern matches today's price action, the White Candle.
After having been unable to move lower than 5056.19 in the previous session, BTC/USD found buyers again around the same price level today at 5031.20.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the eight market conditions that our pattern recognition engine identified today, the statistics for the Technical Indicators based market condition "RSI(14) above 70" stand out. Though it is usually interpreted as bearish, it has actually shown to be bullish for BTC/USD. Out of 71 times, BTCUSD closed higher 52.11% 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 74.65% with an average market move of 15.10%.
With six out of the other six Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are LTCUSD gaining 6.46% and EOSUSD closing 3.92% higher. None of the markets ended the day in the red. Looking at the Minor Cryptocurrencies, the winners of the day have been HSRBTC surging 16.27% and LTCJPY closing 6.47% higher. The worst performers of the day have been BTCCNY tanking -5.07% and ETHCNY closing -4.42% lower. Read more