BTGBTC runs into sellers again around 0.00138

Bitcoin Gold/Bitcoin Index (BTGBTC) Technical Analysis Report for Jan 21, 2020 | by Techniquant Editorial Team


BTGBTC closes below its opening price unable to hold early session gains
BTGBTC unable to break through key resistance level
BTGBTC runs into sellers again around 0.00138
BTGBTC stuck within tight trading range
BTGBTC closes within previous day's range


BTGBTC finished Tuesday at 0.00129 losing BTC0.00008 (-5.84%). Trading BTC0.00005 higher after the open, the market was unable to hold its gains as the bears took control ending the day below its opening price. The last time this happened on January 19th, BTGBTC actually gained 9.60% on the following trading day. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range.

Daily Candlestick Chart (BTGBTC as at Jan 21, 2020):

Daily technical analysis candlestick chart for Bitcoin Gold/Bitcoin Index (BTGBTC) as at Jan 21, 2020

Tuesday's trading range has been BTC0.00012 (9.02%), that's slightly below the last trading month's daily average range of BTC0.00022. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently notably higher than usual for BTGBTC. Prices continued to consolidate within a tight trading range between 0.00116 and 0.00142 where it has been caught now for the last three trading days.

During the whole day, prices traded within the previous day's range, unable to trade above the prior day's high or below the previous day's low forming an Inside Bar.

Unable to break through the key technical resistance level at 0.00135 (R1), BTG/BTC closed below it after spiking up to 0.00138 earlier during the day. The failure to close above the resistance could increase that levels significance going forward. After having been unable to move above 0.00142 in the prior session, the cryptocurrency ran into sellers again around the same price level today, missing to move higher than 0.00138.

The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.

Buying might accelerate should prices move above the close-by swing high at 0.00142 where further buy stops could get triggered. Selling might speed up should prices move below the nearby swing low at 0.00116 where further sell stops could get activated.

Among the five market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bounced off Technical Resistance R1" stand out. Its common bearish interpretation has been confirmed for BTG/BTC. Out of 125 times, BTGBTC closed lower 59.20% 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 75.20% with an average market move of -5.53%.

With seven out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are XRPUSD gaining 1.63% and ETHUSD closing 1.17% higher. None of the markets ended the day in the red. Looking at the other Minor Cryptocurrencies, the winners of the day have been BCNUSD surging 11.2% and SCBTC closing 6.25% higher. The worst performers of the day have been ZECBTC tanking -4.42% and BTGUSD closing -4.41% lower. Read more

Market Conditions for BTGBTC as at Jan 21, 2020

Loading Market Conditions for BTGBTC (Bitcoin Gold/Bitcoin Index)...
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