BTCUSD dominated by bulls lifting the market higher throughout the day
Bitcoin/US Dollar Index (BTCUSD) Technical Analysis Report for Oct 09, 2019 | by Techniquant Editorial Team
BTCUSD finished Wednesday at 8585.01 gaining $368.74 (4.49%). Today's close at 8585.01 marks the highest recorded closing price since September 24th. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Tuesday's high at 8354.19, Bitcoin confirmed its breakout through the prior session high after trading up to $343.37 above it intraday.
Daily Candlestick Chart (BTCUSD as at Oct 09, 2019):
Wednesday's trading range has been $564.82 (6.89%), that's slightly above the last trading month's daily average range of $435.51. 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 higher than usual for BTCUSD.
One bullish candlestick pattern matches today's price action, the White Candle.
After spiking up to 8697.56 during the day, the market found resistance at the 200-day moving average at 8618.04. After having been unable to move lower than 8126.71 in the previous session, the cryptocurrency found buyers again around the same price level today at 8132.74. The last time this happened on Monday, BTCUSD actually lost -0.49% on the following trading day.
While BTC/USD is experiencing a short-term uptrend, this could just be a correction, as both the medium and long-term trends are still bearish.
Among the nine market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Up Close near high of period" stand out. Its common bullish interpretation has been confirmed for BTC/USD. Out of 648 times, BTCUSD closed higher 54.94% 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 60.80% with an average market move of 7.99%.
With six out of the other six Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are ETCUSD gaining 9.94% and ETHUSD closing 6.89% higher. None of the markets ended the day in the red. Looking at the Minor Cryptocurrencies, the winners of the day have been ETHCNY surging 7.86% and ETHJPY closing 6.95% higher. The worst performers of the day have been KMDBTC tanking -8.21% and XVGBTC closing -6.52% lower. Read more