BTCUSD pushes through Monday's high
Bitcoin/US Dollar Index (BTCUSD) Technical Analysis Report for Sep 15, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, BTCUSD finished Tuesday at 10786.70 gaining $108.39 (1.02%). Closing above Monday's high at 10753.33, BTC/USD confirmed its breakout through the previous session high after trading up to $183.56 above it intraday.
Daily Candlestick Chart (BTCUSD as at Sep 15, 2020):
Tuesday's trading range has been $304.63 (2.85%), that's slightly below the last trading month's daily average range of $448.13. 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.
Buyers managed to take out the key technical resistance level at 10694.22 (now S1), which is likely to act as support going forward. After spiking up to 10936.89 during the day, Bitcoin found resistance at the 20-day moving average at 10792.10. The last time this happened on August 24th, BTCUSD lost -3.62% on the following trading day.
BTC shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Price broke through Technical Resistance R1" stand out. Its common bullish interpretation has been confirmed for BTC/USD. Out of 387 times, BTCUSD closed higher 55.81% 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 57.36% with an average market move of 5.17%.
With four out of the other six Major Cryptocurrencies closing lower today, the ones that stand out on the negative side are ETHUSD losing -3.46% and LTCUSD closing -1.59% lower. On the flipside the best performers have been BCHUSD closing 4.12% higher and ETCUSD gaining 1.51%. Looking at the Minor Cryptocurrencies, the winners of the day have been DOGEUSD surging 4.25% and BCHBTC closing 2.83% higher. The worst performers of the day have been WAVESBTC tanking -14.51% and WAVESUSD closing -13.54% lower. Read more