XVG - 4hr Timeframe - Update on Short Opportunities
Following our daily timeframe overview (www.tradingview.com/...ame-Downside-Coming/), we believe that on the 4hr timeframe BITTREX:XVGUSD is gaining momentum for a drop. After a first impulse to the downside, in fact, which for us has marked the end of the bigger ABC correction which came into the shape of an irregular - running flat type pattern, the cryptocurrency is at the moment slowly correcting to the upside, in the form of a smaller degree expanding flat, crawling and gaining momentum for a new impulsive move to the downside. Can it crawl further? Certainly: it can correct much more towards the "C" area of the major degree correction (in yellow), nonetheless it will still be a correction confirming the next impulse to the downside, which is why from this moment onwards we will only be looking for sell setups, on this cryptocurrency: watch out for breaks of the minor trends for short positions, with a stop loss above the smaller degree correction itself. Updates will follow.
If you feel that our analyses and views may be a useful complement to your trading strategies and in order to be notified in real time with our updates on the lower timeframes, please remember to click on the Follow button.
Remember that you can double check the bigger structures that are at play are on the weekly and daily time frames also by scrolling around the charts in the lower 4hr and 60min timeframes (right and left, up and down).
Trade with care and only with a backtested strategy that has proven to work in relation to your invested capital, risk appetite and potential small losses you might incur in before profiting from a good trade.
Thank you for viewing.
If you feel that our analyses and views may be a useful complement to your trading strategies and in order to be notified in real time with our updates on the lower timeframes, please remember to click on the Follow button.
Remember that you can double check the bigger structures that are at play are on the weekly and daily time frames also by scrolling around the charts in the lower 4hr and 60min timeframes (right and left, up and down).
Trade with care and only with a backtested strategy that has proven to work in relation to your invested capital, risk appetite and potential small losses you might incur in before profiting from a good trade.
Thank you for viewing.
Trade active:
To all those who are in the short following our lead, congratulations. We are putting our stops in BE because, although unlikely, seeing the bigger structure on the daily timeframe there could be another up move before the bigger impulse to the downside.