XVGBTC misses to close above 20-day moving average
Verge/Bitcoin Index (XVGBTC) Technical Analysis Report for Nov 22, 2020 | by Techniquant Editorial Team
XVGBTC ended Sunday at 0.00000027 flat on high volume. 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 22, 2020):
Sunday's trading range has been BTC0.00000003 (11.11%), that's slightly 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.
Three candlestick patterns are matching today's price action, the Northern Doji which is known as bearish pattern and two neutral patterns, the Doji and the Long-Legged Doji. The last time a Doji showed up on Thursday, XVGBTC lost -8.00% on the following trading day.
After spiking up to 0.00000028 during the day, XVG found resistance at the 20-day moving average at 0.00000027.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Selling might speed up should prices move below the close-by swing low at 0.00000025 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 "Northern Doji" stand out. Its common bearish interpretation has been confirmed for XVG/BTC. Out of 74 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 two trading days, showing a win rate of 50.00% with an average market move of -0.43%.