BTCUSD breaks back above 20-day moving average
Bitcoin/US Dollar Index (BTCUSD) Technical Analysis Report for Nov 10, 2019 | by Techniquant Editorial Team
BTCUSD finished Sunday at 9050.68 gaining $239.46 (2.72%). Closing above Saturday's high at 8881.08, the cryptocurrency confirmed its breakout through the previous session high after trading up to $245.90 above it intraday.
Daily Candlestick Chart (BTCUSD as at Nov 10, 2019):
Sunday's trading range has been $359.04 (4.07%), that's slightly below the last trading month's daily average range of $494.96. 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.
Three candlestick patterns are matching today's price action, the Morning Star and the White Candle which are both known as bullish patterns and one bearish pattern, the Bearish Hikkake Pattern.
BTC/USD managed to close back above the 20-day moving average at 8971.30. When this moving average was crossed above the last time on October 25th, BTCUSD gained 6.12% on the following trading day. After having been unable to move lower than 8732.62 in the prior session, the market found buyers again around the same price level today at 8767.94.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Selling could accelerate should prices move below the nearby swing low at 8682.74 where further sell stops might get triggered.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "White Candle" stand out. Its common bullish interpretation has been confirmed for BTC/USD. Out of 793 times, BTCUSD closed higher 54.48% 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 60.78% with an average market move of 7.71%.
With five out of the other six Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are BCHUSD gaining 3.73% and EOSUSD closing 3.16% higher. On the flipside the worst performer has been XRPUSD closing -0.14% lower. Looking at the Minor Cryptocurrencies, the winners of the day have been XLMUSD surging 8.52% and VETBTC closing 6.78% higher. The worst performers of the day have been KMDBTC tanking -9.82% and KMDUSD closing -7.06% lower. Read more