XVGUSD closes within prior day's range after lackluster session
Verge/US Dollar Index (XVGUSD) Technical Analysis Report for Nov 10, 2019 | by Techniquant Editorial Team
XVGUSD finished Sunday at 0.00371 edging higher $0.00001 (0.27%) on low volume. Closing within the previous day's range, prices missed to decisively move beyond the prior day's trading range in a lackluster session.
Daily Candlestick Chart (XVGUSD as at Nov 10, 2019):
Sunday's trading range has been $0.00019 (5.14%), that's below the last trading month's daily average range of $0.00026. 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 higher than usual for XVGUSD.
Prices are trading close to the key technical support level at 0.00357 (S1).
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Selling might accelerate should prices move below the nearby swing low at 0.00352 where further sell stops could get triggered.
Among the two market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Close to Swing Low" stand out. While it is usually interpreted as neutral, it has actually shown to be bearish for XVG/USD. Out of 481 times, XVGUSD closed lower 45.32% 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 50.94% with an average market move of 10.74%.
With six out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are BCHUSD gaining 3.73% and EOSUSD closing 3.16% higher. On the flipside the worst performer has been XRPUSD closing -0.14% lower. Looking at the other Minor Cryptocurrencies, the winners of the day have been XLMUSD surging 8.52% and VETBTC closing 6.78% higher. The worst performers of the day have been KMDBTC tanking -9.82% and KMDUSD closing -7.06% lower. Read more