BTGUSD closes above its opening price after recovering from early selling pressure
Bitcoin Gold/US Dollar Index (BTGUSD) Technical Analysis Report for Nov 09, 2019 | by Techniquant Editorial Team
BTGUSD ended Saturday at 8.44 gaining $0.04 (0.48%) on low volume. Trading up to $0.06 lower after the open, Gold managed to reverse during the session as bulls took control ending the day above 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 Nov 09, 2019):
Saturday's trading range has been $0.14 (1.67%), that's below the last trading month's daily average range of $0.50. 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 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, one bullish candlestick pattern matches today's price action, the Bullish Spinning Top. The last time a Bullish Spinning Top showed up on October 28th, BTGUSD gained 4.20% on the following trading day.
While BTG/USD is experiencing a short-term uptrend, this might just be a correction, as both the medium and long-term trends are still bearish.
Selling could speed up should prices move below the nearby swing low at 8.18 where further sell stops might get triggered.
Among the three market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Bullish Intraday Reversal" stand out. Although it is usually interpreted as bullish, it has actually shown to be bearish for BTG/USD. Out of 108 times, BTGUSD closed lower 51.85% 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 64.81% with an average market move of -4.11%.
With five out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are LTCUSD gaining 2.57% and BCHUSD closing 1.29% higher. On the flipside the worst performers have been ETCUSD closing -0.8% lower and BTCUSD losing -0.16%. Looking at the other Minor Cryptocurrencies, the winners of the day have been KMDBTC surging 19.83% and KMDUSD closing 19.72% higher. The worst performers of the day have been SCBTC tanking -4.35% and PIVXBTC closing -4.06% lower. Read more