BTGUSD dominated by bulls lifting the market higher throughout the day
Bitcoin Gold/US Dollar Index (BTGUSD) Technical Analysis Report for Nov 10, 2018 | by Techniquant Editorial Team
BTGUSD finished Saturday at 30.08 gaining $0.66 (2.24%). The bulls were in full control today, moving the market higher throughout the whole session. Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range.
Daily Candlestick Chart (BTGUSD as at Nov 10, 2018):
Saturday's trading range has been $0.96 (3.27%), that's slightly below the last trading month's daily average range of $1.35. 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 just the same than usual for BTGUSD.
One bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on Tuesday, BTGUSD actually lost -2.45% on the following trading day.
Prices are trading close to the key technical support level at 29.38 (S1). After having been unable to move lower than 29.29 in the prior session, the cryptocurrency found buyers again around the same price level today at 29.32.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Selling could speed up should prices move below the close-by swing low at 29.29 where further sell stops might get triggered.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Close to S1 Support" stand out. Although it is usually interpreted as bullish, it has actually shown to be bearish for BTG/USD. Out of 139 times, BTGUSD closed lower 55.40% 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 69.78% with an average market move of -9.53%.
With six out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are BCHUSD gaining 1.7% and ETHUSD closing 1.26% higher. On the flipside the worst performer has been ETCUSD closing -0.11% lower. Looking at the other Minor Cryptocurrencies, the winners of the day have been XEMUSD surging 5.34% and DOGEUSD closing 3.88% higher. The worst performers of the day have been ZECUSD tanking -2.84% and ZECBTC closing -2.72% lower. Read more