orbsatchel
Long

XVG breaking out

BINANCE:XVGBTC   Verge / Bitcoin
XVG is kicking @ss these days. We just broke above 540 which ws the top of the last day or so going from 495-540 in a channel.

As you can see we closed on the hourly out of the channel which is the first step. The 4hr will indicate more. This is a great way to watch resistance become support and this will help you see where to draw your lines later on.

Anyways while all this goodness, volume , price and trend seem to be going well there seems to be a head and shoulders pattern looming.

There has been a lot of talk about h+s pattern recently on TV. AS far as patterns go the DOUBLE TOP and HEAD AND SHOULDERS ect are primary patterns, while triangles and rectangles while important are secondary ( according to John J Murphy, get the book.)

Anyways keep an eye on the bad while looking at the good. If we break out then look for fib levels to hold and if this blows up and fails it will be the fault of old h+s .

Comment: The big chart looks really good though. 4hr w fibonacci
Comment: Holding 540-559 channel... next stop moon or ditch?
Comment: Could this be a forming cup and handle? It is hard to say. Most of the C+H patterns I found last month were in the middle of a BTC bear market. XVG has been strong like bull though.
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