BTCUSD closes above its opening price after recovering from early selling pressure
Bitcoin/US Dollar Index (BTCUSD) Technical Analysis Report for Jun 29, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, BTCUSD finished Monday at 9187.07 gaining $66.68 (0.73%). Trading up to $93.97 lower after the open, BTC/USD 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 in a lackluster session.
Daily Candlestick Chart (BTCUSD as at Jun 29, 2020):
Monday's trading range has been $207.91 (2.28%), that's below the last trading month's daily average range of $305.28. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for BTCUSD.
One bearish candlestick pattern matches today's price action, the Bearish Hikkake Pattern.
The cryptocurrency ran into sellers again today around 9234.33 for the third trading day in a row after having found sellers at 9189.74 in the prior session and at 9190.27 two days ago. The last time this happened on June 21st, BTCUSD actually gained 4.29% on the following trading day.
Although the market is currently in a short-term downtrend, this might just be a correction, as both the medium and long-term trends are still bullish.
Selling could accelerate should prices move below the close-by swing low at 8867.34 where further sell stops might get activated.
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 583 times, BTCUSD closed higher 51.63% 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 59.01% with an average market move of 4.50%.
With six out of the other six Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are ETHUSD gaining 1.28% and ETCUSD closing 1.22% higher. None of the markets ended the day in the red. Looking at the Minor Cryptocurrencies, the winners of the day have been BTGUSD surging 4.65% and ADAUSD closing 4.49% higher. The worst performers of the day have been SCBTC tanking -3.12% and PIVXBTC closing -2.73% lower. Read more