BTCUSD runs into sellers again around 8200.40
Bitcoin/US Dollar Index (BTCUSD) Technical Analysis Report for Jan 13, 2020 | by Techniquant Editorial Team
BTCUSD finished Monday at 8136.41 losing $20.24 (-0.25%). Closing within the previous day's range, prices missed to decisively move beyond the prior day's trading range in a lackluster session.
Daily Candlestick Chart (BTCUSD as at Jan 13, 2020):
Monday's trading range has been $143.03 (1.75%), that's below the last trading month's daily average range of $269.04. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for BTCUSD. Prices continued to consolidate within a tight trading range between 7968.40 and 8287.42 where it has been caught now for the last three trading days.
Prices are trading close to the key technical support level at 8016.54 (S1). After having been unable to move above 8185.14 in the previous session, BTC/USD ran into sellers again around the same price level today, missing to move higher than 8200.40. The last time this happened on January 4th, BTCUSD lost -0.00% on the following trading day.
Though still in a long-term downtrend, the short and medium-term trends both turned bullish already.
Buying might accelerate should prices move above the nearby swing high at 8287.42 where further buy stops could get activated. Selling might speed up should prices move below the close-by swing low at 7968.40 where further sell stops could get triggered.
Among the three market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Close to Swing High" stand out. Although it is usually interpreted as neutral, it has actually shown to be bullish for BTC/USD. Out of 1,327 times, BTCUSD closed higher 50.41% 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 56.07% with an average market move of 3.48%.
With five out of the other six Major Cryptocurrencies closing lower today, the ones that stand out on the negative side are LTCUSD losing -2.47% and EOSUSD closing -1.89% lower. On the flipside the best performer has been BCHUSD closing 0.26% higher. Looking at the Minor Cryptocurrencies, the winners of the day have been BCNUSD surging 10.2% and ZECBTC closing 7.73% higher. The worst performers of the day have been XVGUSD tanking -7.52% and XVGBTC closing -6.82% lower. Read more