BTCUSD pops to highest close since August 9, 2019
Bitcoin/US Dollar Index (BTCUSD) Technical Analysis Report for Aug 01, 2020 | by Techniquant Editorial Team
Moving higher for the 4th day in a row, BTCUSD finished Saturday at 11812.42 surging $459.70 (4.05%). Today's close at 11812.42 marks the highest recorded closing price since August 9, 2019. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Friday's high at 11454.11, the cryptocurrency confirmed its breakout through the previous session high after trading up to $420.66 above it intraday.
Daily Candlestick Chart (BTCUSD as at Aug 01, 2020):
Saturday's trading range has been $633.79 (5.58%), that's above the last trading month's daily average range of $332.23. Weekly volatility is also higher, being way above the market's average weekly trading range. The longer-term, monthly volatility is currently significantly higher than usual for BTCUSD.
One bullish candlestick pattern matches today's price action, the White Candle.
Buyers managed to take out the key technical resistance level at 11397.48 (now S1), which is likely to act as support going forward.
Crossing above the upper Bollinger Band for the first time since Thursday, prices have shown unusually strong upward momentum in the short-term. This could either indicate a potential buying climax after which prices might head back down towards the mean of the Bollinger Bands at 9932.39 or signal the beginning of a strong momentum breakout leading to even higher prices. The last time prices broke out above the upper Bollinger Band on July 25th, BTCUSD gained 2.41% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the 10 market conditions that our pattern recognition engine identified today, the statistics for the Technical Indicators based market condition "Close crossed above the upper Bollinger Band" stand out. Its common bullish interpretation has been confirmed for BTC/USD. Out of 143 times, BTCUSD closed higher 64.34% 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 64.34% with an average market move of 12.75%.
With six out of the other six Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are XRPUSD gaining 12.04% and ETHUSD closing 11.71% higher. None of the markets ended the day in the red. Looking at the Minor Cryptocurrencies, the winners of the day have been ZECUSD surging 19.59% and DOGEUSD closing 15.6% higher. The worst performers of the day have been STRATBTC tanking -4.08% and ARDRBTC closing -4.0% lower. Read more