BTGUSD finds buyers again around 7.66
Bitcoin Gold/US Dollar Index (BTGUSD) Technical Analysis Report for Oct 18, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, BTGUSD ended Sunday at 7.72 gaining $0.06 (0.78%) on low volume.
Daily Candlestick Chart (BTGUSD as at Oct 18, 2020):
Sunday's trading range has been $0.14 (1.83%), that's below the last trading month's daily average range of $0.24. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for BTGUSD.
One bearish candlestick pattern matches today's price action, the Bearish Hikkake Pattern.
After having been unable to move lower than 7.63 in the prior session, the cryptocurrency found buyers again around the same price level today at 7.66. The last time this happened on October 7th, BTGUSD gained 3.90% on the following trading day.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Selling could accelerate should prices move below the close-by swing low at 7.54 where further sell stops might get activated. Further selling could move prices lower should the market test September's nearby low at 7.40.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bearish Hikkake Pattern" stand out. Its common bearish interpretation has been confirmed for BTG/USD. Out of 93 times, BTGUSD closed lower 53.76% 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 eight trading days, showing a win rate of 60.22% with an average market move of -1.62%.
With six out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are ETHUSD gaining 2.69% and BCHUSD closing 1.76% higher. On the flipside the worst performer has been ETCUSD closing -0.36% lower. Looking at the other Minor Cryptocurrencies, the winners of the day have been BCNUSD surging 13.16% and VETBTC closing 5.15% higher. The worst performers of the day have been WAVESBTC tanking -5.27% and WAVESUSD closing -4.08% lower. Read more