XVGUSD - Grab a Snickers
Updated
It's not going anywhere for awhile.
Everyone has been posting the triangle, but they don't tell you the base support line has been shifting over and over again. Recent bearish action broke that support, so it's no longer a triangle. The MACD is likely going to reset back to 0 from all this consolidation. Frankly, that's a great sign that the bulls have propped this up despite the strongly bearish MACD signal.
The MACD should be back at zero in a 5-7 days. I expect more consolidation until news pushes this upward.
Disclosure: I'm long @ 0.19
Comment
Sure enough, we're still consolidating and still waiting on that MACD on the daily chart. We won't go any higher until that thing crosses upward with conviction.Comment
Updated chart: tradingview.com/chart/1UJYqNAW/Comment
The cryptocalypse certainly got us there faster..A run to .13 is in the cards but what happens there is anyone's guess. There's some significant time until the MACD looks like it's going to cross again.
Comment
We hit .13 the other day (1/20) and now we're just languishing, waiting on BTC to take a direction. The huge descending triangle on BTC says we're heading to 5000 which will certainly bring XVG down, but we may regain positive momentum. Let's wait and see.Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.