BTGBTC finds buyers around 0.00085 for the third day in a row
Bitcoin Gold/Bitcoin Index (BTGBTC) Technical Analysis Report for Aug 01, 2020 | by Techniquant Editorial Team
BTGBTC ended Saturday at 0.00088 losing BTC0.00003 (-3.3%) on high volume. Today's close at 0.00088 marks the lowest recorded closing price since January 13th. 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 Aug 01, 2020):
Saturday's trading range has been BTC0.00008 (8.79%), that's slightly above the last trading month's daily average range of BTC0.00007. Weekly volatility is also higher, being above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for BTGBTC. Prices continued to consolidate within a tight trading range between 0.00085 and 0.00094 where it has been caught now for the last three trading days.
BTG/BTC found buyers again today around 0.00085 for the third trading day in a row after having found demand at 0.00086 in the previous session and at 0.00086 two days ago. The last time this happened on July 25th, BTGBTC actually lost -2.08% on the following trading day.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Buying might speed up should prices move above the close-by swing high at 0.00094 where further buy stops could get triggered.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Low close to prior low" stand out. While it is usually interpreted as bullish, it has actually shown to be bearish for BTG/BTC. Out of 293 times, BTGBTC closed lower 55.97% 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 65.87% with an average market move of -0.73%.
With seven out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are XRPUSD gaining 12.04% and ETHUSD closing 11.71% higher. None of the markets ended the day in the red. Looking at the other Minor Cryptocurrencies, the winners of the day have been ZECUSD surging 19.59% and DOGEUSD closing 15.6% higher. The worst performers of the day have been STRATBTC tanking -4.08% and ARDRBTC closing -4.0% lower. Read more