XVGBTC closes above its opening price after recovering from early selling pressure
Verge/BTC Index (XVGBTC) Technical Analysis Report for Sep 15, 2018
XVGBTC ended Saturday at 0.00000206 gaining BTC0.00000003 (1.48%). Trading up to BTC0.00000006 lower after the open, XVG/BTC managed to reverse during the session as bulls took control ending the day above its opening price. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range in a lackluster session. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Saturday's trading range was BTC0.00000011 (5.37%), that's below last trading month's daily average range of BTC0.00000020. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being slightly above average. Prices continued to consolidate within a tight trading range between 0.00000198 and 0.00000216 which it has been in now for the last three days.
Unable to break through the key technical resistance level at 0.00000208, the market closed below it after spiking as high as 0.00000210 during the day. The failure to close above the resistance could increase that levels importance as resistance going forward. The cryptocurrency found buyers again today around 0.00000199 for the third trading day in a row after having found demand at 0.00000198 in the previous session and at 0.00000199 two days ago.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Buying might accelerate should prices move above the close-by swing high at 0.00000216 where further buy stops could get activated. Selling might speed up should prices move below the nearby swing low at 0.00000198 where further sell stops could get triggered.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being slightly bearish.
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