BTGBTC pops to highest close since October 17th
Bitcoin Gold/Bitcoin Index (BTGBTC) Technical Analysis Report for Nov 10, 2019 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, BTGBTC finished Sunday at 0.00097 gaining BTC0.00001 (1.04%). Today's close at 0.00097 marks the highest recorded closing price since October 17th. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Daily Candlestick Chart (BTGBTC as at Nov 10, 2019):
Sunday's trading range has been BTC0.00004 (4.17%), that's slightly 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 slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for BTGBTC.
One bearish candlestick pattern matches today's price action, the Last Engulfing Top Pattern. The last time a Last Engulfing Top Pattern showed up on Wednesday, BTGBTC actually gained 3.23% on the following trading day.
After trading down to 0.00095 earlier during the day, Gold bounced off the key technical support level at 0.00096 (S1). The failure to close below the support might increase that levels importance as support going forward. After having been unable to move lower than 0.00095 in the previous session, the market found buyers again around the same price level today at 0.00095.
Although 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 Support/Resistance based market condition "Low close to prior low" stand out. While it is usually interpreted as bullish, it has actually shown to be bearish for BTG/BTC. Out of 208 times, BTGBTC closed lower 56.25% 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 66.83% with an average market move of -2.98%.
With six out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are BCHUSD gaining 3.73% and EOSUSD closing 3.16% higher. On the flipside the worst performer has been XRPUSD closing -0.14% lower. Looking at the other Minor Cryptocurrencies, the winners of the day have been XLMUSD surging 8.52% and VETBTC closing 6.78% higher. The worst performers of the day have been KMDBTC tanking -9.82% and KMDUSD closing -7.06% lower. Read more