BTGBTC ends the day on a bearish note closing near the low of the day
Bitcoin Gold/Bitcoin Index (BTGBTC) Technical Analysis Report for Aug 11, 2018 | by Techniquant Editorial Team
BTGBTC ended Saturday at 0.00315 tanking BTC0.00025 (-7.35%) on low volume. This is the biggest single day loss in over three weeks. Today's closing price of 0.00315 marks the lowest close since Inception. The bears were in full control today, moving the market lower throughout the whole session. Closing below Friday's low at 0.00332, Gold confirms its breakout through the previous session's low having traded BTC0.00018 below it intraday. Ending with a weak close near the low of the day sets a bearish note for the next session.
Daily Candlestick Chart (BTGBTC as at Aug 11, 2018):
Saturday's trading range was BTC0.00026 (7.67%), that's slightly above last trading month's daily average range of BTC0.00025. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being exactly the same as average.
Breaking below the key support level at 0.00329 today, it is now likely to act as resistance going forward.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
With seven out of the seven Major Cryptocurrencies closing lower today, the ones that stand out on the negative side are XRPUSD losing -8.28% and ETCUSD closing -7.72% lower. None of the markets managed to end the day in the green. Looking at the other Minor Cryptocurrencies, the winners of the day have been BTCCNY surging 5.28% and WAVESBTC closing 1.9% higher. The worst performers of the day have been ELFBTC tanking -13.38% and IOTBTC closing -11.22% lower. Read more