BTGBTC pushes through Sunday's high
Bitcoin Gold/Bitcoin Index (BTGBTC) Technical Analysis Report for Jan 20, 2020 | by Techniquant Editorial Team
BTGBTC ended Monday at 0.00137 gaining BTC0.00012 (9.6%). Closing above Sunday's high at 0.00135, BTG/BTC confirmed its breakout through the previous session high after trading up to BTC0.00007 above it intraday.
Daily Candlestick Chart (BTGBTC as at Jan 20, 2020):
Monday's trading range has been BTC0.00024 (19.05%), that's slightly above the last trading month's daily average range of BTC0.00021. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently significantly higher than usual for BTGBTC. Prices continued to consolidate within a tight trading range between 0.00116 and 0.00150 where it has been caught now for the last three trading days.
Prices are trading close to the key technical support level at 0.00116 (S1). After having been unable to move lower than 0.00116 in the prior session, the cryptocurrency found buyers again around the same price level today at 0.00118. The last time this happened on January 17th, BTGBTC actually lost -9.93% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the two market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Low close to previous low" stand out. Though it is usually interpreted as bullish, it has actually shown to be bearish for BTG/BTC. Out of 239 times, BTGBTC closed lower 55.23% 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 seven trading days, showing a win rate of 66.95% with an average market move of -1.21%.
With six out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are ETCUSD gaining 5.36% and BCHUSD closing 2.85% higher. On the flipside the worst performer has been LTCUSD closing -0.03% lower. Looking at the other Minor Cryptocurrencies, the winners of the day have been BTGUSD surging 9.56% and DASHUSD closing 8.85% higher. The worst performers of the day have been BCNUSD tanking -12.2% and SCBTC closing -11.11% lower. Read more