Another one of me practicing TA. I saw people drawing similar triangles on XVG a few days ago. Started looking more like a channel to me as time passed tho. I have drawn both. I'm also comparing whether the wicks or candle tops work better. The fib seems to support me using the candle tops, as the open for today's candle landed dead on the .618. Again, this is just me practicing, so don't quote me on anything. On a side note, it looks like XVG is currently rising.
Comment:
I redrew the bottom channel line (blue). I looked at the volume, and it is increasing atm. Honestly I haven't researched enough on this aspect yet so I am putting this here more for notetaking purposes. What I do know is that it looks like the price is testing my upper blue trend line (possible resistance?). I also see that the price is hovering between the .5 and .382 fib lines. Maybe the .5 has become support for the moment? I will continue to update as the studies progress.
Comment:
The price is facing a bit of resistance at my downtrend line (upper blue line). Looks I was right that the TA I saw saying we were in a symmetrical triangle were wrong. Maybe not wrong (I'm a rook after all), but perhaps premature is the better description. Regardless, I'm feeling good that my call of a channel instead of a triangle is panning out at the moment. I'm happy regardless cuz 1) my TA is improving and 2) my bags are now gone. Hopefully I'm in the next impulse and will profit with intent on closing the trade at the right time. All these hours studying TA is starting to pay off. I understand every mistake I've made so far in crypto. May we all have fatter pockets hahaha.