BTGBTC closes lower for the 4th day in a row
Bitcoin Gold/Bitcoin Index (BTGBTC) Technical Analysis Report for Jan 19, 2020 | by Techniquant Editorial Team
Moving lower for the 4th day in a row, BTGBTC ended Sunday at 0.00125 losing BTC0.00002 (-1.57%). Trading BTC0.00009 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 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 19, 2020):
Sunday's trading range has been BTC0.00019 (15.08%), that's slightly below the last trading month's daily average range of BTC0.00020. Things look different on the weekly timeframe, where the market's trading range of the last week has been way above the market's average weekly trading range. The longer-term, monthly volatility is currently notably higher than usual for BTGBTC.
One bearish candlestick pattern matches today's price action, the Bearish Spinning Top.
After trading as low as 0.00116 during the day, Gold found support at the 200-day moving average at 0.00119. The last time this happened on November 20, 2018, BTGBTC gained 2.66% on the following trading day. Unable to break through the key technical resistance level at 0.00135 (R1), the market closed below it after spiking up to 0.00135 earlier during the day. The failure to close above the resistance could increase that levels importance going forward.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bullish Bounce off SMA 200" stand out. Its common bullish interpretation has been confirmed for BTG/BTC. Out of 2 times, BTGBTC closed higher 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 long side has been after 10 trading days, showing a win rate of 100.00% with an average market move of 8.43%.
With seven out of the seven Major Cryptocurrencies closing lower today, the ones that stand out on the negative side are EOSUSD losing -6.77% and ETHUSD closing -6.24% 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 DASHBTC surging 4.47% and WAVESBTC closing 1.01% higher. The worst performers of the day have been KMDUSD tanking -10.45% and STEEMBTC closing -8.92% lower. Read more