BTCUSD closes lower for the 2nd day in a row
Bitcoin/US Dollar Index (BTCUSD) Technical Analysis Report for Aug 13, 2019 | by Techniquant Editorial Team
Moving lower for the 2nd day in a row, BTCUSD ended Tuesday at 10880.67 tanking $508.65 (-4.47%). The bears were in full control today, moving the market lower throughout the whole session. Closing below Monday's low at 11240.38, Bitcoin confirmed its breakout through the previous session low after trading up to $475.08 below it intraday.
Daily Candlestick Chart (BTCUSD as at Aug 13, 2019):
Tuesday's trading range has been $674.18 (5.92%), that's above the last trading month's daily average range of $545.85. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for BTCUSD.
Two candlestick patterns are matching today's price action, the Bullish Hikkake Pattern which is known as bullish pattern and one bearish pattern, the Black Candle. The last time a Bullish Hikkake Pattern showed up on July 13th, BTCUSD actually lost -10.59% on the following trading day.
BTC closed back below the 50-day moving average at 10951.60 for the first time since August 2nd.
The cryptocurrency shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish.
As prices are trading close to August's low at 9890.49, downside momentum could accelerate should the market mark new lows for the month.
Among the 11 market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Strong Down Move" stand out. Although it is usually interpreted as bearish, it has actually shown to be bullish for BTC/USD. Out of 218 times, BTCUSD closed higher 56.88% 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 61.47% with an average market move of 9.59%.
With four out of the other six Major Cryptocurrencies closing lower today, the ones that stand out on the negative side are LTCUSD losing -1.23% and EOSUSD closing -1.21% lower. On the flipside the best performers have been BCHUSD closing 5.62% higher and ETCUSD gaining 2.76%. Looking at the Minor Cryptocurrencies, the winners of the day have been BCHBTC surging 10.34% and BTGBTC closing 9.02% higher. The worst performers of the day have been XVGUSD tanking -6.59% and XMRUSD closing -6.04% lower. Read more