XVGBTC closes below its opening price unable to hold early session gains


Verge/Bitcoin Index (XVGBTC) Technical Analysis Report for Nov 10, 2019 | by Techniquant Editorial Team

Highlights

XVGBTC breaks back below 50-day moving average
XVGBTC closes below its opening price unable to hold early session gains
XVGBTC closes lower for the 2nd day in a row
XVGBTC runs into sellers again around 0.00000043
XVGBTC closes within previous day's range after lackluster session

Overview

Moving lower for the 2nd day in a row, XVGBTC ended Sunday at 0.00000041 losing BTC0.00000001 (-2.38%) on low volume. Trading BTC0.00000001 higher after the open, XVG/BTC was unable to hold its gains as the bears took control ending the day below its opening price. Closing within the previous day's range, prices missed to decisively move beyond the prior day's trading range in a lackluster session.

Daily Candlestick Chart (XVGBTC as at Nov 10, 2019):

Daily technical analysis candlestick chart for Verge/Bitcoin Index (XVGBTC) as at Nov 10, 2019

Sunday's trading range has been BTC0.00000002 (4.76%), that's below the last trading month's daily average range of BTC0.00000003. 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 XVGBTC.

Verge closed back below the 50-day moving average at 0.00000042 for the first time since November 4th. After having been unable to move above 0.00000043 in the previous session, the market ran into sellers again around the same price level today, failing to move higher than 0.00000043. The last time this happened on Friday, XVGBTC lost -2.33% on the following trading day.

The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.

Buying could speed up should prices move above the nearby swing high at 0.00000043 where further buy stops might get triggered. Selling could accelerate should prices move below the close-by swing low at 0.00000040 where further sell stops might get activated. With prices trading close to this year's low at 0.00000036, downside momentum could speed up should the cryptocurrency break out to new lows for the year.

Among the nine market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "2 Consecutive Lower Closes" stand out. Its common bearish interpretation has been confirmed for XVG/BTC. Out of 142 times, XVGBTC closed lower 50.00% 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 six trading days, showing a win rate of 61.27% with an average market move of 3.48%.

With six out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are BCHUSD gaining 3.73% and EOSUSD closing 3.16% higher. On the flipside the worst performer has been XRPUSD closing -0.14% lower. Looking at the other Minor Cryptocurrencies, the winners of the day have been XLMUSD surging 8.52% and VETBTC closing 6.78% higher. The worst performers of the day have been KMDBTC tanking -9.82% and KMDUSD closing -7.06% lower. Read more


Market Conditions for XVGBTC as at Nov 10, 2019

Loading Market Conditions for XVGBTC (Verge/Bitcoin Index)...
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XVGBTC closes within prior day's range

Nov 21, 2019
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