BTGUSD pushes through Friday's high
Bitcoin Gold/US Dollar Index (BTGUSD) Technical Analysis Report for Nov 21, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, BTGUSD ended Saturday at 9.88 gaining $0.46 (4.88%). Today's close at 9.88 marks the highest recorded closing price since September 1st. Closing above Friday's high at 9.85, Gold confirmed its breakout through the prior session high after trading up to $0.13 above it intraday.
Daily Candlestick Chart (BTGUSD as at Nov 21, 2020):
Saturday's trading range has been $0.78 (8.28%), that's slightly above the last trading month's daily average range of $0.57. Weekly volatility is also higher, being way above the market's average weekly trading range. The longer-term, monthly volatility is currently higher than usual for BTGUSD.
One bullish candlestick pattern matches today's price action, the White Candle.
With another close above the upper Bollinger Band, prices are confirming their strong upward momentum in the short-term. A drop back into the Bollinger Band on the next trading day although could signal a potential change in momentum that might lead to a correction back down towards the center of the Bollinger Bands at 7.83.
While still in a long-term downtrend, the short and medium-term trends both turned bullish already.
Buying could speed up should prices move above the nearby swing high at 10.23 where further buy stops might get activated. Trading close to September's high at 10.46 we could see further upside momentum if potential buy stops at the level get triggered.
Among the nine market conditions that our pattern recognition engine identified today, the statistics for the Technical Indicators based market condition "RSI(14) above 70" stand out. Its common bearish interpretation has been confirmed for BTG/USD. Out of 16 times, BTGUSD closed lower 68.75% of the time on the next trading day after the market condition occurred.