BTCUSD closes higher for the 3rd day in a row
Bitcoin/US Dollar Index (BTCUSD) Technical Analysis Report for May 15, 2019 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, BTCUSD ended Wednesday at 8203.78 gaining $202.58 (2.53%). Today's close at 8203.78 marks the highest recorded closing price since July 29, 2018. Closing within the previous day's range, prices missed to decisively move beyond the prior day's trading range.
Daily Candlestick Chart (BTCUSD as at May 15, 2019):
Wednesday's trading range has been $393.06 (4.93%), that's slightly above the last trading month's daily average range of $357.67. Weekly volatility is also higher, being way above the market's average weekly trading range. The longer-term, monthly volatility is currently notably higher than usual for BTCUSD.
During the whole day, prices traded within the previous day's range, unable to trade above the prior day's high or below the previous day's low forming an Inside Bar. Additionally, one bullish candlestick pattern matches today's price action, the White Candle.
Prices are trading close to the key technical resistance level at 8297.02 (R1). After having been unable to move above 8297.02 in the prior session, the market ran into sellers again around the same price level today, missing to move higher than 8242.98. The last time this happened on May 8th, BTCUSD actually gained 3.42% on the following trading day.
With another close above the upper Bollinger Band, prices are confirming their strong upward momentum in the short-term. A drop back into the Bollinger Band on the next trading day while might signal a potential change in momentum that could lead to a correction back down towards the center of the Bollinger Bands at 6152.32.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying might accelerate should prices move above the close-by swing high at 8297.02 where further buy stops could get triggered.
Among the seven market conditions that our pattern recognition engine identified today, the statistics for the Technical Indicators based market condition "Close above the upper Bollinger Band" stand out. Its common bullish interpretation has been confirmed for BTC/USD. Out of 339 times, BTCUSD closed higher 56.34% 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 68.14% with an average market move of 13.79%.
With six out of the other six Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are ETCUSD gaining 16.49% and ETHUSD closing 12.89% higher. None of the markets ended the day in the red. Looking at the Minor Cryptocurrencies, the winners of the day have been XVGUSD surging 29.72% and XVGBTC closing 26.53% higher. The worst performer of the day has been DASHBTC tanking -0.34%. Read more