XVGBTC soars, gaining BTC0.00000004 (17.39%) within a single day on high volume
Verge/Bitcoin Index (XVGBTC) Technical Analysis Report for Nov 21, 2020 | by Techniquant Editorial Team
XVGBTC finished Saturday at 0.00000027 surging BTC0.00000004 (17.39%) on high volume. This is the biggest single-day gain in over two weeks. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Friday's high at 0.00000025, XVG/BTC confirmed its breakout through the previous session high after trading up to BTC0.00000002 above it intraday.
Daily Candlestick Chart (XVGBTC as at Nov 21, 2020):
Saturday's trading range has been BTC0.00000004 (17.39%), that's far 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.
Even with a weak opening XVG managed to close above the prior day's open and close, forming a bullish Engulfing Candle. Additionally, five candlestick patterns are matching today's price action, the Bullish Belt-hold, the Bullish Closing Marubozu, the Bullish Marubozu, the Tweezer Bottom and the White Candle which are known as bullish patterns.
The market found buyers again today around 0.00000023 for the third trading day in a row after having found demand at 0.00000023 in the previous session and at 0.00000023 two days ago.
Crossing above the lower Bollinger Band, prices have lost at least some of their downward momentum in the short-term and might now be heading back up towards the mean of the Bollinger Bands at 0.00000027. The last time this happened on October 31st, XVGBTC gained 14.29% on the following trading day.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Among the 15 market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bullish Belt-hold" stand out. Although it is usually interpreted as bullish, it has actually shown to be bearish for XVG/BTC. Out of 13 times, XVGBTC closed lower 61.54% 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 10 trading days, showing a win rate of 76.92% with an average market move of -10.71%.