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XVG, like most alts, has been in a huge bear trend since Jan 2018 when it was trading around 1500sats. It went through a long accumulation phase between the Weekly Resistance of 53sats and Weekly Support of 36sats from December 2019 to June this year. I have identified a trend-line on the Monthly TF, starting from the peak of the October 2018 candle. The 3rd and most recent test of this trend-line came on the Weekly candle of July 15th which failed to break through. Since then price has also lost the Monthly Support of 71sats and is now testing the Weekly Support of 53sats. If price were to lose this final Weekly Support, it would almost certainly test ATL's again which is around 35sats. Price must hold this Weekly Support of 53sats to form a Higher Low and move upwards to prevent this.
Comment:
ATL's reached as price re-tests the final HTF Support of 36sats.
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It's definitely possible.
But now it's different from 2018-2019 and I don't think it's going to go that far.
But now it's different from 2018-2019 and I don't think it's going to go that far.
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@reverie153, the market will always surprise you with what is possible, we're back at ATL's!
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@reverie153, good to hear, protecting capital is the most important part of trading/investing :)
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