BTCUSD breaks below 20-day moving average for the first time since June 13th
Bitcoin/US Dollar Index (BTCUSD) Technical Analysis Report for Jul 11, 2019 | by Techniquant Editorial Team
Moving lower for the 2nd day in a row, BTCUSD finished Thursday at 11264.76 losing $826.76 (-6.84%). The bears were in full control today, moving the market lower throughout the whole session. Closing below Wednesday's low at 11569.94, the market confirmed its breakout through the prior session low after trading up to $567.55 below it intraday.
Daily Candlestick Chart (BTCUSD as at Jul 11, 2019):
Thursday's trading range has been $1097.52 (9.07%), that's slightly below the last trading month's daily average range of $1170.49. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently lower than usual for BTCUSD.
One bearish candlestick pattern matches today's price action, the Black Candle.
The cryptocurrency closed below the 20-day moving average at 11475.69 for the first time since June 13th. When this moving average was crossed below the last time on June 3rd, BTCUSD lost -6.13% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Selling could speed up should prices move below the close-by swing low at 10787.94 where further sell stops might get triggered.
Among the eight market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Price broke through Technical Support S1" stand out. Though it is usually interpreted as bearish, it has actually shown to be bullish for BTC/USD. Out of 290 times, BTCUSD closed higher 53.45% 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 58.62% with an average market move of 4.03%.
With six out of the other six Major Cryptocurrencies closing lower today, the ones that stand out on the negative side are BCHUSD losing -12.49% and EOSUSD closing -11.76% lower. None of the markets managed to end the day in the green. Looking at the Minor Cryptocurrencies, the winners of the day have been BTGBTC surging 7.98% and KMDBTC closing 7.84% higher. The worst performers of the day have been QTUMUSD tanking -15.68% and PIVXUSD closing -14.84% lower. Read more