BTGBTC closes within previous day's range after lackluster session
Bitcoin Gold/Bitcoin Index (BTGBTC) Technical Analysis Report for Nov 09, 2019 | by Techniquant Editorial Team
BTGBTC finished Saturday at 0.00096 gaining BTC0.00001 (1.05%) on low volume. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range in a lackluster session.
Daily Candlestick Chart (BTGBTC as at Nov 09, 2019):
Saturday's trading range has been BTC0.00001 (1.04%), that's below the last trading month's daily average range of BTC0.00005. Things look different on the weekly timeframe, where the market's trading range of the last week has been above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for BTGBTC.
During the whole day, prices traded within the prior day's range, unable to trade above the previous day's high or below the prior day's low forming an Inside Bar. Additionally, three candlestick patterns are matching today's price action, the Hanging Man and the Northern Doji which are both known as bearish patterns and one neutral pattern, the Doji. The last time a Doji showed up on Tuesday, BTGBTC gained 2.20% on the following trading day.
Though the cryptocurrency is experiencing a short-term uptrend, this might just be a correction, as both the medium and long-term trends are still bearish.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Northern Doji" stand out. Its common bearish interpretation has been confirmed for BTG/BTC. Out of 12 times, BTGBTC closed lower 66.67% 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 58.33% with an average market move of -3.10%.
With five out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are LTCUSD gaining 2.57% and BCHUSD closing 1.29% higher. On the flipside the worst performers have been ETCUSD closing -0.8% lower and BTCUSD losing -0.16%. Looking at the other Minor Cryptocurrencies, the winners of the day have been KMDBTC surging 19.83% and KMDUSD closing 19.72% higher. The worst performers of the day have been SCBTC tanking -4.35% and PIVXBTC closing -4.06% lower. Read more