BTGBTC closes higher for the 6th day in a row
Bitcoin Gold/Bitcoin Index (BTGBTC) Technical Analysis Report for Jan 15, 2020 | by Techniquant Editorial Team
Moving higher for the 6th day in a row, BTGBTC finished Wednesday at 0.00171 gaining BTC0.00012 (7.55%) on high volume. Today's close at 0.00171 marks the highest recorded closing price since August 1, 2019. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range.
Daily Candlestick Chart (BTGBTC as at Jan 15, 2020):
Wednesday's trading range has been BTC0.00145 (91.19%), that's far above the last trading month's daily average range of BTC0.00016. Weekly volatility is also higher, being way above the market's average weekly trading range. The longer-term, monthly volatility is currently significantly higher than usual for BTGBTC.
Two candlestick patterns are matching today's price action, the Bullish Spinning Top which is known as bullish pattern and one bearish pattern, the Shooting Star. The last time a Shooting Star showed up on November 6, 2019, BTGBTC actually gained 3.23% on the following trading day.
With another close above the upper Bollinger Band, prices are confirming their strong upward momentum in the short-term. A drop back into the Bollinger Band on the next trading day although could signal a potential change in momentum that might lead to a correction back down towards the center of the Bollinger Bands at 0.00085.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "6 Consecutive Higher Closes" stand out. While it is usually interpreted as bullish, it has actually shown to be bearish for BTG/BTC. Out of 1 times, BTGBTC closed lower 100.00% 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 100.00% with an average market move of -19.23%.
With five out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are ETCUSD gaining 18.64% and EOSUSD closing 2.14% higher. On the flipside the worst performers have been BCHUSD closing -2.09% lower and XRPUSD losing -0.3%. Looking at the other Minor Cryptocurrencies, the winners of the day have been DASHBTC surging 49.26% and DASHUSD closing 48.99% higher. The worst performers of the day have been LTCCNY tanking -5.14% and BTCCNY closing -4.91% lower. Read more