Verge / TetherUSLong
XVGUSDT Ascending Triangle Pattern
Updated
Here we see the uncommon formation of an ascending triangle. This is a good sign of the continuation of the current trend. Wait for the break out upwards but expect a retrace and bounce of the resistance line. Enter where you like, on the breakout (candle finishing above the upper line) or on the retest depending on how aggressive of a trader you are.
This pattern is considered quite reliable with a 83% success rate in a bull market. This also means it can fail so trade at your risk!!!!
This pattern is considered quite reliable with a 83% success rate in a bull market. This also means it can fail so trade at your risk!!!!
Note
Declining volume seems to be allowing the price to leave the pattern for now. I will keep watch over the weekend and we may see some movement by the end of Sunday.Note
Pattern broke formation so no longer relevant.
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.