BTCUSD closes within previous day's range after lackluster session
Bitcoin/US Dollar Index (BTCUSD) Technical Analysis Report for Nov 09, 2019 | by Techniquant Editorial Team
Moving lower for the 5th day in a row, BTCUSD ended Saturday at 8811.22 losing $14.09 (-0.16%). Today's close at 8811.22 marks the lowest recorded closing price since October 25th. Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range in a lackluster session.
Daily Candlestick Chart (BTCUSD as at Nov 09, 2019):
Saturday's trading range has been $148.46 (1.69%), that's below the last trading month's daily average range of $486.13. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for BTCUSD.
During the whole day, prices traded within the prior day's range, unable to trade above the previous day's high or below the prior day's low forming an Inside Bar. Additionally, one bullish candlestick pattern matches today's price action, the Bullish Spinning Top. The last time a Bullish Spinning Top showed up on Wednesday, BTCUSD actually lost -1.12% on the following trading day.
After having been unable to move lower than 8682.74 in the previous session, the cryptocurrency found buyers again around the same price level today at 8732.62.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Selling might accelerate should prices move below the close-by swing low at 8682.74 where further sell stops could get activated.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bullish Spinning Top" stand out. Its common bullish interpretation has been confirmed for BTC/USD. Out of 327 times, BTCUSD closed higher 55.35% 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 54.13% with an average market move of 3.24%.
With five out of the other six Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are LTCUSD gaining 2.57% and BCHUSD closing 1.29% higher. On the flipside the worst performer has been ETCUSD closing -0.8% lower. Looking at the Minor Cryptocurrencies, the winners of the day have been KMDBTC surging 19.83% and KMDUSD closing 19.72% higher. The worst performers of the day have been SCBTC tanking -4.35% and PIVXBTC closing -4.06% lower. Read more