Update on XVG/BTC Technical Analysis
Bulls are still defending ascending trend line. The candle we are looking at now happens to be at a strong support line ( Light Blue Line) that has been present for months. Plus the ascending trend line it is on as we speak (Green Triangle). A few other stuff I wanted to mention. I did not chart it out but it is also at a strong pivot point which is Support 2 on a 12 hour chart (Support 2 Is one of the strongest pivot points) . I also plotted a Fibonacci extension, and we happen to be right under the .628 level, which is the golden ratio. I am looking for a bounce there with some good volume. Also I want to point out the oscillators. Take a look at the RSI and Stochastic. You have to keep all this stuff in consideration because if we break down on these last defenses we will free fall. This is the time to have tight stop limits, if it happens to break this 6 month bear flag.
Bulls are still defending ascending trend line. The candle we are looking at now happens to be at a strong support line ( Light Blue Line) that has been present for months. Plus the ascending trend line it is on as we speak (Green Triangle). A few other stuff I wanted to mention. I did not chart it out but it is also at a strong pivot point which is Support 2 on a 12 hour chart (Support 2 Is one of the strongest pivot points) . I also plotted a Fibonacci extension, and we happen to be right under the .628 level, which is the golden ratio. I am looking for a bounce there with some good volume. Also I want to point out the oscillators. Take a look at the RSI and Stochastic. You have to keep all this stuff in consideration because if we break down on these last defenses we will free fall. This is the time to have tight stop limits, if it happens to break this 6 month bear flag.