BTGUSD closes higher for the 2nd day in a row
Bitcoin Gold/US Dollar Index (BTGUSD) Technical Analysis Report for Nov 10, 2019 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, BTGUSD finished Sunday at 8.79 gaining $0.35 (4.15%). The bulls were in full control today, moving the market higher throughout the whole session. Closing above Saturday's high at 8.48, BTG confirmed its breakout through the previous session high after trading up to $0.46 above it intraday.
Daily Candlestick Chart (BTGUSD as at Nov 10, 2019):
Sunday's trading range has been $0.48 (5.67%), that's slightly below the last trading month's daily average range of $0.51. 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.
Two candlestick patterns are matching today's price action, the White Candle which is known as bullish pattern and one bearish pattern, the Bearish Hikkake Pattern. The last time a Bearish Hikkake Pattern showed up on Wednesday, BTGUSD actually gained 1.73% on the following trading day.
Though the cryptocurrency is experiencing a short-term uptrend, this might just be a correction, as both the medium and long-term trends are still bearish.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "2 Consecutive Higher Closes" stand out. Although it is usually interpreted as bullish, it has actually shown to be bearish for BTG/USD. Out of 94 times, BTGUSD closed lower 61.70% 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 57.45% with an average market move of -1.29%.
With six out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are BCHUSD gaining 3.73% and EOSUSD closing 3.16% higher. On the flipside the worst performer has been XRPUSD closing -0.14% lower. Looking at the other Minor Cryptocurrencies, the winners of the day have been XLMUSD surging 8.52% and VETBTC closing 6.78% higher. The worst performers of the day have been KMDBTC tanking -9.82% and KMDUSD closing -7.06% lower. Read more