BTGBTC dominated by bears dragging the market lower throughout the day
Bitcoin Gold/Bitcoin Index (BTGBTC) Technical Analysis Report for Oct 13, 2018 | by Techniquant Editorial Team
BTGBTC ended Saturday at 0.00389 losing BTC0.00009 (-2.26%). The bears were in full control today, moving the market lower throughout the whole session. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range.
Daily Candlestick Chart (BTGBTC as at Oct 13, 2018):
Saturday's trading range has been BTC0.00013 (3.27%), that's slightly below the last trading month's daily average range of BTC0.00023. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently just the same than usual for BTGBTC.
During the whole day, prices traded within the previous day's range, unable to trade above the prior day's high or below the previous day's low forming an Inside Bar. Additionally, one bearish candlestick pattern matches today's price action, the Black Candle.
BTG/BTC broke below the 20-day moving average at 0.00392 today. When this moving average was crossed below the last time on Thursday, BTGBTC actually gained 3.92% on the following trading day.
Gold shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend still being bullish.
Buying could accelerate should prices move above the close-by swing high at 0.00408 where further buy stops might get activated. Selling could speed up should prices move below the nearby swing low at 0.00377 where further sell stops might get triggered.
Among the seven market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Close to Swing High" stand out. Though it is usually interpreted as neutral, it has actually shown to be bearish for BTG/BTC. Out of 112 times, BTGBTC closed lower 64.29% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the short side has been after 10 trading days, showing a win rate of 67.86% with an average market move of -3.51%.
With five out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are ETHUSD gaining 1.6% and EOSUSD closing 1.54% higher. On the flipside the worst performer has been XRPUSD closing -0.38% lower. Looking at the other Minor Cryptocurrencies, the winners of the day have been STEEMBTC surging 5.26% and SCBTC closing 4.08% higher. The worst performers of the day have been BCNUSD tanking -4.43% and DOGEUSD closing -2.01% lower. Read more