BTGBTC closes below its opening price unable to hold early session gains
Bitcoin Gold/Bitcoin Index (BTGBTC) Technical Analysis Report for Jul 13, 2019 | by Techniquant Editorial Team
Moving lower for the 2nd day in a row, BTGBTC finished Saturday at 0.00248 losing BTC0.00008 (-3.12%). Trading BTC0.00011 higher after the open, BTG/BTC was unable to hold its gains as the bears took control ending the day below its opening price. Closing below Friday's low at 0.00253, the market confirmed its breakout through the previous session low after trading up to BTC0.00006 below it intraday.
Daily Candlestick Chart (BTGBTC as at Jul 13, 2019):
Saturday's trading range has been BTC0.00020 (7.81%), that's slightly above the last trading month's daily average range of BTC0.00018. Weekly volatility is also higher, being above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for BTGBTC.
Though the cryptocurrency is experiencing a short-term uptrend, this could just be a correction, as both the medium and long-term trends are still bearish.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Bearish Intraday Reversal" stand out. Its common bearish interpretation has been confirmed for BTG/BTC. Out of 113 times, BTGBTC closed lower 67.26% 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 64.60% with an average market move of -1.13%.
With seven out of the seven Major Cryptocurrencies closing lower today, the ones that stand out on the negative side are XRPUSD losing -3.89% and LTCUSD closing -3.82% 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 BCNUSD surging 10.06% and XVGBTC closing 5.26% higher. The worst performers of the day have been LTCCNY tanking -8.31% and NEOUSD closing -8.22% lower. Read more