BTCUSD pushes through key technical resistance level
Bitcoin/US Dollar Index (BTCUSD) Technical Analysis Report for Oct 19, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, BTCUSD finished Monday at 11756.88 surging $243.55 (2.12%) on high volume. Today's close at 11756.88 marks the highest recorded closing price since September 1st. Closing above Sunday's high at 11513.68, BTC/USD confirmed its breakout through the previous session high after trading up to $308.27 above it intraday.
Daily Candlestick Chart (BTCUSD as at Oct 19, 2020):
Monday's trading range has been $404.84 (3.52%), that's far above the last trading month's daily average range of $269.25. Weekly volatility is also higher, being slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly 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 11533.93 (now S1), which is likely to act as support going forward. The last time this happened on October 12th, BTCUSD actually lost -0.97% on the following trading day. Prices are trading close to the key technical resistance level at 11827.45 (R1).
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Further buying might move prices higher should the market test September's close-by high at 12062.06.
Among the nine market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Strong Up Move" stand out. Its common bullish interpretation has been confirmed for BTC/USD. Out of 327 times, BTCUSD closed higher 56.88% 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 64.53% with an average market move of 10.52%.
With five out of the other six Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are XRPUSD gaining 1.4% and EOSUSD closing 1.18% higher. On the flipside the worst performer has been ETCUSD closing -0.36% lower. Looking at the Minor Cryptocurrencies, the winners of the day have been DASHUSD surging 11.34% and BTCCNY closing 9.14% higher. The worst performers of the day have been SCBTC tanking -8.0% and WAVESBTC closing -5.98% lower. Read more