As we saw, XVG recently broke out of the downtrend line and started to form a double bottom, testing the support level around 7700 SAT (yellow line). We expected the breakout and to hit our first target at the first resistance level around 1150 SAT which was confirmed. Our next target would test the resistance level at 1450 SAT, however XVG corrected a bit, negating the new upward trend line (green line) while also forming a new bull flag (blue triangle). We predict that XVG will breakout of the short-term downward trend line (dashed red line) and retest support at around 1450 SAT.
Entry Point: Our entry point is indicated by a breakout of the small blue triangle (upwards, duh)
Targets: 1450 SAT 1850 SAT
Stay tuned for up to date analysis on this chart! Happy trading!
@MorganBateson, as an amateur, can you explain briefly what this means?
MorganBateson
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@Timothie_Roggers, it indicates a shift/change in momentum. MACD or Moving Average Convergence Divergence. "MACD is a trend-following momentum indicator that shows the relationship between two moving averages of prices" (Investopedia.com).