BTGBTC breaks back below 200-day moving average
Bitcoin Gold/Bitcoin Index (BTGBTC) Technical Analysis Report for Jan 23, 2020 | by Techniquant Editorial Team
Moving lower for the 3rd day in a row, BTGBTC finished Thursday at 0.00116 losing BTC0.00009 (-7.2%). The bears were in full control today, moving the market lower throughout the whole session. Closing below Wednesday's low at 0.00123, the market confirmed its breakout through the previous session low after trading up to BTC0.00008 below it intraday.
Daily Candlestick Chart (BTGBTC as at Jan 23, 2020):
Thursday's trading range has been BTC0.00010 (8.0%), that's slightly below the last trading month's daily average range of BTC0.00023. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently strongly higher than usual for BTGBTC.
One bearish candlestick pattern matches today's price action, the Black Candle. The last time a Black Candle showed up on January 17th, BTGBTC lost -9.93% on the following trading day.
BTG/BTC closed back below the 200-day moving average at 0.00116 for the first time since January 13th.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the eight market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bearish Break through SMA 200" stand out. Its common bearish interpretation has been confirmed for BTG/BTC. Out of 5 times, BTGBTC closed lower 80.00% 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 80.00% with an average market move of -5.46%.
With seven out of the seven Major Cryptocurrencies closing lower today, the ones that stand out on the negative side are ETCUSD losing -9.63% and LTCUSD closing -6.3% 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 BCNUSD surging 19.15% and LSKBTC closing 7.06% higher. The worst performers of the day have been BTGUSD tanking -9.33% and XEMUSD closing -9.01% lower. Read more