XVGBTC runs into sellers again around 0.00000043
Verge/Bitcoin Index (XVGBTC) Technical Analysis Report for May 23, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, XVGBTC ended Saturday at 0.00000043 gaining BTC0.00000002 (4.88%). Today's close at 0.00000043 marks the highest recorded closing price since March 3rd. Ending with a strong close near the high of the day sets a bullish note for the next session.
Daily Candlestick Chart (XVGBTC as at May 23, 2020):
Saturday's trading range has been BTC0.00000003 (7.32%), that's slightly below 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 above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for XVGBTC.
Two candlestick patterns are matching today's price action, the Tweezer Top and the White Candle which are both known as bullish patterns.
After having been unable to move above 0.00000043 in the previous session, the cryptocurrency ran into sellers again around the same price level today, missing to move higher than 0.00000043. The last time this happened on Wednesday, XVGBTC actually gained 8.33% on the following trading day.
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 though could signal a potential change in momentum that might lead to a correction back down towards the center of the Bollinger Bands at 0.00000037.
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 close-by swing high at 0.00000045 where further buy stops might get activated. As prices are trading close to May's high at 0.00000045, upside momentum could accelerate should the market mark new highs for the month.
Among the eight market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "3 Consecutive Higher Closes" stand out. Although it is usually interpreted as bullish, it has actually shown to be bearish for XVG/BTC. Out of 43 times, XVGBTC closed lower 65.12% of the time on the next trading day after the market condition occurred.
With five out of the seven Major Cryptocurrencies closing lower today, the ones that stand out on the negative side are EOSUSD losing -1.16% and LTCUSD closing -0.81% lower. On the flipside the best performers have been ETCUSD closing 1.55% higher and BTCUSD gaining 0.23%. Looking at the other Minor Cryptocurrencies, the winners of the day have been BCNUSD surging 10.84% and XVGUSD closing 5.05% higher. The worst performers of the day have been HSRBTC tanking -9.88% and ARDRBTC closing -9.27% lower. Read more