XVGBTC is currently in a symmetrical . This is a famous trend continuation pattern, in this scenario breakout would favor a run but breakout to the downside and below bottom line of triangle can be a STRONG SIGNAL of trend reversal or potential movement.
Symmetrical pattern breakout has been known to breakout:
Full height of triangle from initial inception
half height of triangle, or measure from apex -> top of triangle at inception.
These breakout ratio's are popular for movement as well.
Blue boxes are price ranges and measure both of these.
shows previous 2 cycles' retracement targets (0.786 - 1)
Shows overbought. It has not reached the top of the channel yet but with the way is looking shows that there is room for movement back to the bottom of channel.
This may be due to XVG Wraith protocol release today, I know many crypto-enthusiasts traded off this fundamental, so many are taking profits at this zone, giving it a little resistance and therefore, potential movement.
Histogram shows it can potentially support upward movement.
What did I do?
I bought XVG at 90 sats and sold today 50% of my position at 133 sats for 48% profit half way due to showing heavily oversold.
I am currently holding the rest and set an alert for movement at 120 sats . If It triggers, I will reanalyze and reconsider my position.
I may consider selling the rest to re-enter at the bottom channel and ride the last swing or 2 up before we reach the apex & breakout.
If it goes up, there is not much I can do but manage my emotions and make a concrete decision to either re-enter or find a better trade to allocate some holdings.
Watch spike for indicator of strong movement.