-XVG forming what appears to be an , since it appeared to touch the horizontal line twice on the 30-minute chart.
-RSI holding around 40, sign of bullishness for XVG
-Reached 640 and quickly bounced back up, meaning we still have traders waiting on the sidelines to buy XVG back up.
-It is still altcoin season, so the triangle has a good chance of breaking up
How to trade
If BTC price increases or is stable, this trade can be entered.
Around 740-760 satoshis (Riskier)
During the breakout, around 770-800 satoshi's (safer)
890-900 satoshis (entry+vertical length of the triangle)
Stop loss (If you decide to use one)
- 640-650 satoshis
*I recommend setting a stop loss because XVG is a fast mover. A stop loss can free up your bitcoins for buying the market dips so when the market recovers, you end up with more BTC than if you held the coin. That is only the case if the entire market drops, which is pretty much what happens right now since we lack fiat to altcoin pairs.
Thanks for reading. Good luck on this trade! If you have any concerns or comments, please leave them in the description. It's one way I get better.