BTGUSD dominated by bears dragging the market lower throughout the day
Bitcoin Gold/US Dollar Index (BTGUSD) Technical Analysis Report for Aug 11, 2018 | by Techniquant Editorial Team
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 Candlestick Chart (BTGUSD as at Aug 11, 2018):
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.
Breaking below the key support level at 20.23 today, it is now likely to act as resistance going forward.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
With seven out of the seven Major Cryptocurrencies closing lower today, the ones that stand out on the negative side are XRPUSD losing -8.28% and ETCUSD closing -7.72% 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 BTCCNY surging 5.28% and WAVESBTC closing 1.9% higher. The worst performers of the day have been ELFBTC tanking -13.38% and IOTBTC closing -11.22% lower. Read more