BTGBTC ends the day indecisive
Bitcoin Gold/Bitcoin Index (BTGBTC) Technical Analysis Report for Oct 17, 2020 | by Techniquant Editorial Team
BTGBTC finished Saturday at 0.00067 flat on low volume. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Daily Candlestick Chart (BTGBTC as at Oct 17, 2020):
Saturday's trading range has been BTC0.00001 (1.49%), that's below the last trading month's daily average range of BTC0.00002. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for BTGBTC.
Four candlestick patterns are matching today's price action, the Southern Doji and the Tweezer Bottom which are both known as bullish patterns, one bearish pattern, the Gravestone Doji and one neutral pattern, the Doji. The last time a Gravestone Doji showed up on Tuesday, BTGBTC lost -4.23% on the following trading day.
BTG/BTC found buyers again today around 0.00067 for the third trading day in a row after having found demand at 0.00067 in the previous session and at 0.00067 two days ago.
With another close below the lower Bollinger Band, prices are confirming their strong downward momentum in the short-term. A rally back into the Bollinger Band on the next trading day although might signal a potential change in momentum that could lead to a correction back up towards the center of the Bollinger Bands at 0.00072.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Selling might speed up should prices move below the close-by swing low at 0.00066 where further sell stops could get activated.
Among the 10 market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Close near low of period" stand out. Its common bearish interpretation has been confirmed for BTG/BTC. Out of 274 times, BTGBTC closed lower 56.93% 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 64.23% with an average market move of -1.83%.
With four out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are ETHUSD gaining 0.81% and BTCUSD closing 0.37% higher. On the flipside the worst performers have been BCHUSD closing -2.05% lower and LTCUSD losing -1.43%. Looking at the other Minor Cryptocurrencies, the winners of the day have been WAVESUSD surging 8.14% and WAVESBTC closing 7.59% higher. The worst performers of the day have been BCNUSD tanking -10.94% and BCHBTC closing -2.26% lower. Read more