XVGBTC slides to lowest close since June 5th
Verge/Bitcoin Index (XVGBTC) Technical Analysis Report for Aug 01, 2020 | by Techniquant Editorial Team
Moving lower for the 2nd day in a row, XVGBTC ended Saturday at 0.00000051 losing BTC0.00000002 (-3.77%) on low volume. Today's close at 0.00000051 marks the lowest recorded closing price since June 5th. Closing below Friday's low at 0.00000052, XVG/BTC confirmed its breakout through the previous session low after trading up to BTC0.00000003 below it intraday.
Daily Candlestick Chart (XVGBTC as at Aug 01, 2020):
Saturday's trading range has been BTC0.00000004 (7.55%), that's below the last trading month's daily average range of BTC0.00000006. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for XVGBTC.
After trading as low as 0.00000049 during the day, Verge found support at the 200-day moving average at 0.00000049. The last time this happened on February 17th, XVGBTC lost 0.00% on the following trading day.
While still in a long-term uptrend, the short and medium-term trends both turned bearish already.
Trading close to June's low at 0.00000041 we might see further downside momentum if potential sell stops at the level get activated.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bounced off Technical Support S1" stand out. Though it is usually interpreted as bullish, it has actually shown to be bearish for XVG/BTC. Out of 125 times, XVGBTC closed lower 48.80% 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 61.60% with an average market move of 0.28%.
With seven out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are XRPUSD gaining 12.04% and ETHUSD closing 11.71% higher. None of the markets ended the day in the red. Looking at the other Minor Cryptocurrencies, the winners of the day have been ZECUSD surging 19.59% and DOGEUSD closing 15.6% higher. The worst performers of the day have been STRATBTC tanking -4.08% and ARDRBTC closing -4.0% lower. Read more