BTCUSD closes higher for the 2nd day in a row
Bitcoin/US Dollar Index (BTCUSD) Technical Analysis Report for Aug 16, 2019 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, BTCUSD finished the week -10.55% lower at 10335.62 after edging higher $70.90 (0.69%) today. Trading up to $544.19 lower after the open, the market managed to reverse during the session as bulls took control ending the day above its opening price. Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range.
Daily Candlestick Chart (BTCUSD as at Aug 16, 2019):
Friday's trading range has been $780.65 (7.57%), that's above the last trading month's daily average range of $602.37. Weekly volatility is also higher, being above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for BTCUSD.
Two candlestick patterns are matching today's price action, the Southern Doji which is known as bullish pattern and one neutral pattern, the Doji.
After having been unable to move above 10451.61 in the prior session, BTC/USD ran into sellers again around the same price level today, failing to move higher than 10544.97. The last time this happened on Monday, BTCUSD lost -4.47% on the following trading day.
Though still in a long-term uptrend, the short and medium-term trends both turned bearish already.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Bullish Intraday Reversal" stand out. Its common bullish interpretation has been confirmed for BTC/USD. Out of 524 times, BTCUSD closed higher 52.67% 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 60.31% with an average market move of 5.07%.
With six out of the other six Major Cryptocurrencies closing lower today, the ones that stand out on the negative side are ETCUSD losing -2.12% and LTCUSD closing -1.94% 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 XVGUSD surging 12.76% and XVGBTC closing 11.9% higher. The worst performers of the day have been ICXBTC tanking -9.81% and BATBTC closing -5.01% lower. Read more