I'm not a big fan of trading XVG as it can make unforeseen moves due to the big whales playing with it (while I was monitoring).
But the latest movements show a nice pattern which could lead to a x2.
On bigger timeframe its in a pennant, forming a 5 legs pattern and now in the area to complete leg 4.
Lower timeframe is showing an ABC correction of the previous leg up which already reached the possible bounce area (blue box). So, the ABC might be completed already and it might go up from here.
Other scenario is some more downside towards the trendline where is also fib level 76,8. I didt draw the fib levels to keep the chart more clean, but current price is below 68.1 retracement from leg 3.
if it drops more, keep an eye on the trendline. If it breaks to the down side, close your position as it broke trendline and fib level and might be heading much lower.
Happy Trading!
But the latest movements show a nice pattern which could lead to a x2.
On bigger timeframe its in a pennant, forming a 5 legs pattern and now in the area to complete leg 4.
Lower timeframe is showing an ABC correction of the previous leg up which already reached the possible bounce area (blue box). So, the ABC might be completed already and it might go up from here.
Other scenario is some more downside towards the trendline where is also fib level 76,8. I didt draw the fib levels to keep the chart more clean, but current price is below 68.1 retracement from leg 3.
if it drops more, keep an eye on the trendline. If it breaks to the down side, close your position as it broke trendline and fib level and might be heading much lower.
Happy Trading!
Komen:
Perfect bounce, followed by a nice jump this morning
