BTGUSD dominated by bears dragging the market lower throughout the day


Bitcoin Gold/USD Index (BTGUSD) Technical Analysis Report for Aug 11, 2018 [< 1 min read]
Highlights
BTGUSD breaks key support level
BTGUSD dominated by bears dragging the market lower throughout the day
BTGUSD closes lower for the 2nd day in a row
BTGUSD ends the day on a bearish note closing near the low of the day
BTGUSD breaks below previous session low
TQ Sentiment
Report Sentiment: 66% Bearish
Technical Forecast:
Overview

Moving lower for the 2nd day in a row, BTGUSD ended Saturday at 19.27 losing $1.53 (-7.36%) on low volume. Today's closing price of 19.27 marks the lowest close since Inception. The bears were in full control today, moving the market lower throughout the whole session. Closing below Friday's low at 20.56, BTG/USD confirms its breakout through the previous session's low having traded $1.29 below it intraday. Ending with a weak close near the low of the day sets a bearish note for the next session.

Daily chart for BTGUSD
Volatility

Saturday's trading range was $1.66 (7.97%), that's below last trading month's daily average range of $2.32. Things look different on a weekly scale, where volatility is slightly above the markets average with the monthly volatility being exactly the same as average.

Support/Resistance

Breaking below the key support level at 20.23 today, it is now likely to act as resistance going forward.

Trend

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

Conclusion

Both sentiments, the classical technical analysis and our quantitative statistics are in perfect alignment today showing a bearish sentiment for the next trading day.

Market Conditions for Bitcoin Gold/USD Index
Condition Forecast Direction Win Avg Worst Best Events
2 Consecutive Higher Closes TQ Pro Members Only
High close to previous High TQ Pro Members Only
High close to previous two Highs TQ Pro Members Only
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