XVGUSD closes below its opening price unable to hold early session gains
Verge/US Dollar Index (XVGUSD) Technical Analysis Report for Oct 13, 2018 | by Techniquant Editorial Team
XVGUSD finished Saturday at 0.01430 losing $0.00011 (-0.76%). Trading $0.00015 higher after the open, Verge was unable to hold its gains as the bears took control ending the day below its opening price. The last time this happened on October 6th, XVGUSD actually gained 0.13% on the following trading day. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range in a lackluster session.
Daily Candlestick Chart (XVGUSD as at Oct 13, 2018):
Saturday's trading range has been $0.00032 (2.22%), that's far below the last trading month's daily average range of $0.00125. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for XVGUSD.
During the whole day, prices traded within the prior day's range, unable to trade above the previous day's high or below the prior day's low forming an Inside Bar.
Prices are trading close to the key technical support level at 0.01374 (S1).
XVG/USD shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend still being bullish.
Selling could accelerate should prices move below the nearby swing low at 0.01374 where further sell stops might get activated.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Close to S1 Support" stand out. While it is usually interpreted as bullish, it has actually shown to be bearish for XVG/USD. Out of 216 times, XVGUSD closed lower 55.56% of the time on the next trading day after the market condition occurred.
With five out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are ETHUSD gaining 1.6% and EOSUSD closing 1.54% higher. On the flipside the worst performer has been XRPUSD closing -0.38% lower. Looking at the other Minor Cryptocurrencies, the winners of the day have been STEEMBTC surging 5.26% and SCBTC closing 4.08% higher. The worst performers of the day have been BCNUSD tanking -4.43% and BTGBTC closing -2.26% lower. Read more