BTGUSD closes below its opening price unable to hold early session gains
Bitcoin Gold/US Dollar Index (BTGUSD) Technical Analysis Report for Oct 13, 2018 | by Techniquant Editorial Team
BTGUSD finished Saturday at 25.26 flat. Trading $0.47 higher after the open, BTG was unable to hold its gains as the bears took control ending the day below its opening price. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range in a lackluster session.
Daily Candlestick Chart (BTGUSD as at Oct 13, 2018):
Saturday's trading range has been $1.07 (4.23%), that's below the last trading month's daily average range of $1.83. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently just the same than usual for BTGUSD.
During the whole day, prices traded within the prior day's range, unable to trade above the previous day's high or below the prior day's low forming an Inside Bar. Additionally, two candlestick patterns are matching today's price action, the Southern Doji which is known as bullish pattern and one neutral pattern, the Doji. The last time a Southern Doji showed up on June 18th, BTGUSD gained 3.84% on the following trading day.
After trading down to 24.67 earlier during the day, Gold bounced off the key technical support level at 25.03 (S1). The failure to close below the support might increase that levels significance as support going forward.
The cryptocurrency shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend still being bullish.
Selling could accelerate should prices move below the nearby swing low at 23.76 where further sell stops might get triggered.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Southern Doji" stand out. Its common bullish interpretation has been confirmed for BTG/USD. Out of 9 times, BTGUSD closed higher 77.78% of the time on the next trading day after the market condition occurred.
With five out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are ETHUSD gaining 1.6% and EOSUSD closing 1.54% higher. On the flipside the worst performer has been XRPUSD closing -0.38% lower. Looking at the other Minor Cryptocurrencies, the winners of the day have been STEEMBTC surging 5.26% and SCBTC closing 4.08% higher. The worst performers of the day have been BCNUSD tanking -4.43% and BTGBTC closing -2.26% lower. Read more