XVGBTC ends the day indecisive
Verge/Bitcoin Index (XVGBTC) Technical Analysis Report for Nov 09, 2019 | by Techniquant Editorial Team
XVGBTC ended Saturday at 0.00000042 losing BTC0.00000001 (-2.33%). Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Daily Candlestick Chart (XVGBTC as at Nov 09, 2019):
Saturday's trading range has been BTC0.00000003 (6.98%), that's above the last trading month's daily average range of BTC0.00000003. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for XVGBTC.
Notwithstanding a strong opening the market closed below the previous day's open and close, forming a bearish Engulfing Candle.
After trading as low as 0.00000040 during the day, XVG found support at the 50-day moving average at 0.00000042. The last time this happened on October 19th, XVGBTC actually lost -4.55% on the following trading day.
While Verge is experiencing a short-term uptrend, this could just be a correction, as both the medium and long-term trends are still bearish.
Buying might accelerate should prices move above the nearby swing high at 0.00000043 where further buy stops could get triggered. Selling might speed up should prices move below the close-by swing low at 0.00000040 where further sell stops could get activated.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Close to Swing High" stand out. Although it is usually interpreted as neutral, it has actually shown to be bearish for XVG/BTC. Out of 347 times, XVGBTC closed lower 50.43% 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 three trading days, showing a win rate of 52.74% with an average market move of -0.57%.
With five out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are LTCUSD gaining 2.57% and BCHUSD closing 1.29% higher. On the flipside the worst performers have been ETCUSD closing -0.8% lower and BTCUSD losing -0.16%. Looking at the other Minor Cryptocurrencies, the winners of the day have been KMDBTC surging 19.83% and KMDUSD closing 19.72% higher. The worst performers of the day have been SCBTC tanking -4.35% and PIVXBTC closing -4.06% lower. Read more