XVG Bullish Pennant Observed as it Touches the Resistance Line
Thinking it might stick around the resistance line until a price movement driven by the release of new news regarding verge. The Bullish Pennant is also known as a bull flag indicator. The only difference is it compresses towards a point then breaks out rather than an up/down oscillation between two lines. Bull flags indicate a new bull trend could be just around the corner, this usually resulting in a spike in price and/or a new uptrend. Since it is correlating around the resistance line I find it to be more likely that this is correct.
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Pennants usually result in a violet spike up in price so it would be best to buy now and place a stop-loss right underneath it. 0.00001070 is what I am using.
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Trading view was frozen for some reason; stop loss at 0.00001040; the wedge changed shape (realized the triangle it was making) and seems to be still confined inside.
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45 minutes from now looks like the point it could break out; guess we'll wait and see :/
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Something pointed out by a friend: Set limits lower than your stop or it might not have time to sell if it drops quickly.
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Well it has certainly poked up through the triangle and is stalling in one spot at the resistance line. Buy/sell volumes still seem balanced.
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perhaps forming a miniature flag as suggested on discord; flag has a bull-pin
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Watching the new compression forming (triangle). Looks like it is aiming to touch around the 31st.
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It's having another poke at the resistance line; something worth watching
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XVG breaking resistance line!
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watch for boom when wraith finishes compiling, link in discord