Let’s start by detecting a trading range. The first significance trading range was formed in the second half of 2017 . At the end of 2017 XVG took off into space, but the flight was not long. In August 2018 XVG returned into trading range . I think we can temporarily reduce the range .
The 1st conclusion: the long-term trend is sideway & trading range
We can notice the resistance line (R1, R2, R3) that was broken at the end of January 2021. After this breakout, a bottom triangle was formed (A, B, C, D) (reminder: triangles are continuation patterns). Points B and D have completed the formation of ascending channel (C1, C2, B, D).
The 2d conclusion: the middle-term trend is ascending with double confirmation (ascending channel and triangle).
I think it’s reasonable to take a long with TP 150 and SL 55.
Thnx for reading.
The 1st conclusion: the long-term trend is sideway & trading range
We can notice the resistance line (R1, R2, R3) that was broken at the end of January 2021. After this breakout, a bottom triangle was formed (A, B, C, D) (reminder: triangles are continuation patterns). Points B and D have completed the formation of ascending channel (C1, C2, B, D).
The 2d conclusion: the middle-term trend is ascending with double confirmation (ascending channel and triangle).
I think it’s reasonable to take a long with TP 150 and SL 55.
Thnx for reading.
Trade closed: stop reached