As we saw, XVG recently broke out of the downtrend line and started to form a double bottom
, testing the support level
around 7700 SAT (yellow line). We expected the breakout and to hit our first target at the first resistance level
around 1150 SAT which was confirmed. Our next target would test the resistance level
at 1450 SAT, however XVG corrected a bit, negating the new upward trend line
(green line) while also forming a new bull flag
(blue triangle). We predict that XVG will breakout of the short-term downward trend line
(dashed red line) and retest support at around 1450 SAT.
Our entry point is indicated by a breakout of the small blue triangle (upwards, duh)
Stay tuned for up to date analysis on this chart! Happy trading!