BTCEUR runs into sellers again around 15969.95
Bitcoin/Euro Index (BTCEUR) Technical Analysis Report for Nov 21, 2020 | by Techniquant Editorial Team
BTCEUR ended Saturday at 15742.94 edging lower €2.55 (-0.02%). Trading €224.46 higher after the open, BTC was unable to hold its gains as the bears took control ending the day below its opening price. Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range in a lackluster session.
Daily Candlestick Chart (BTCEUR as at Nov 21, 2020):
Saturday's trading range has been €449.93 (2.86%), that's below the last trading month's daily average range of €705.55. Things look different on the weekly timeframe, where the market's trading range of the last week has been above the market's average weekly trading range. The longer-term, monthly volatility is currently notably higher than usual for BTCEUR.
After moving higher in the prior session, the cryptocurrency closed lower but above the previous day's open today, forming a bearish Harami Candle. Additionally, two candlestick patterns are matching today's price action, the Northern Doji which is known as bearish pattern and one neutral pattern, the Doji. The last time a Doji showed up on Thursday, BTCEUR gained 4.72% on the following trading day.
Prices are trading close to the key technical support level at 15517.27 (S1). After having been unable to move above 15867.67 in the prior session, Bitcoin ran into sellers again around the same price level today, missing to move higher than 15969.95.
Crossing below the upper Bollinger Band, prices have lost at least some of their upward momentum in the short-term and might now be heading back down towards the mean of the Bollinger Bands at 13595.23.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the seven market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "52 Week High" stand out. Its common bullish interpretation has been confirmed for BTC/EUR. Out of 202 times, BTCEUR closed higher 65.35% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 68.32% with an average market move of 13.78%.