Here we are looking at a market cycle that generally occurs on XVG.
1. Move upwards
2. Downtrend with series of pullbacks
3. Rounded bottom
4. Descending break + cross + Yume twist above Miaku
On a rejection at the / we will have to wait for bounce at the bottom of the support to watch for a retest and break.
The risk reward ratio on this trade is very good, in a best case scenario a 882 sell occurs.
The reason why we expect a smaller / less volatile market cycle is for a few reasons.
- Bitcoin has less space to move upwards before hitting an overhead resistance / (7.8k region)
- The size of the market cycles are decreasing. We do not know if geometrically or arithmetically, but the best place is to assume arithmetically as the bitcoin did this last time.
- Volume is lower, therefore is less and we will miss the crazy highs.
I have set 4 targets and also a stoploss at 305. The targets are to monitor the progress of the market cycle, with the last target being my personal final sell if we get that all important break.
TL;DR: Bog might pomp eet .
With this, we will get some fantastic day trading opportunities, especially at the top of the cycle- shown by those crazy wicks. You are all welcome to join my trading squad, the edge analysis group. You can reach us by messaging me privately on tradingview!
That's all for this analysis, thank you for reading and have a great day. Xander.
All information found here, including any ideas, opinions, views, predictions, forecasts, commentaries, suggestions, or stock/cryptocurrency picks, expressed or implied herein, are for informational, entertainment or educational purposes only and should not be construed as personal investment advice. These are not facts but my personal views and opinions.
I will not and cannot be held liable for any actions you take as a result of anything you read here.
We have popped outside of the wedge, now I am waiting for a cross on the EMA with good volume. Predictive traders got rewarded in this instance.
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