BTCUSD runs into sellers again around 11554.74
Bitcoin/US Dollar Index (BTCUSD) Technical Analysis Report for Aug 12, 2019 | by Techniquant Editorial Team
BTCUSD ended Monday at 11389.32 losing $165.02 (-1.43%) on low volume. 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 Aug 12, 2019):
Monday's trading range has been $314.36 (2.72%), that's below the last trading month's daily average range of $531.38. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower 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. After moving higher in the prior session, the cryptocurrency closed lower but above the previous day's open today, forming a bearish Harami Candle. Additionally, two candlestick patterns are matching today's price action, the Bearish Short Candle and the Black Candle which are both known as bearish patterns.
Prices are trading close to the key technical support level at 11119.32 (S1). After having been unable to move above 11557.40 in the prior session, BTC/USD ran into sellers again around the same price level today, missing to move higher than 11554.74. The last time this happened on August 10th, BTCUSD actually gained 2.33% on the following trading day.
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 12027.57 where further buy stops could get triggered. Selling might speed up should prices move below the nearby swing low at 11119.32 where further sell stops could get activated.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bearish Harami Candle" stand out. Though it is usually interpreted as bearish, it has actually shown to be bullish for BTC/USD. Out of 123 times, BTCUSD closed higher 57.72% 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 56.10% with an average market move of 6.08%.
With six out of the other six Major Cryptocurrencies closing lower today, the ones that stand out on the negative side are LTCUSD losing -4.89% and ETHUSD closing -2.51% 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 KMDBTC surging 10.83% and KMDUSD closing 8.24% higher. The worst performers of the day have been LTCCNY tanking -9.25% and ETHCNY closing -7.21% lower. Read more