Soo since my last post, I said we have to wait for a breakout in the resistance line(white) 0.00017915 and it happened. We got it and the candles hit 22% of profit, which is a great thing.
With the fact that the market works in waves and we are now passing through a downtrend as you can see the 20 EMA(blue) still down followed by 50 EMA(red) and the candles had broken down the channel, but it has stopped in a strong support line(red) at 0.00013770, with that in mind we have to wait to see if it will bounce or will continuos going down.
The MACD had shown to us a little pump on April 16 which makes sense cause we can see a bullish crossover there in the circle(yellow) but the volume of buyers had no strength to break the resistances ahead, which consequently maintained the current drop of XVG with a very strong volume of sellers (red arrow).
My guesses: We still in the final rally on MACD and a very strong support as I mentioned before, this added to the fact that Elliot's Waves ABC(green) is not completed yet corroborates with my idea of a possible new rise soon, probably close to 0.00017248 the line that will determine whether or not it returns to the uptrend channel. So don't overtrade guys, lets the market shows the answers.
Always remember my fellow friends, I'm like everyone here who is trying to improve my views on Charts and patterns, never take this as a financial advise because you are on your own.
If you liked or with you have an opinion about, I'll be happy to read it.
With the fact that the market works in waves and we are now passing through a downtrend as you can see the 20 EMA(blue) still down followed by 50 EMA(red) and the candles had broken down the channel, but it has stopped in a strong support line(red) at 0.00013770, with that in mind we have to wait to see if it will bounce or will continuos going down.
The MACD had shown to us a little pump on April 16 which makes sense cause we can see a bullish crossover there in the circle(yellow) but the volume of buyers had no strength to break the resistances ahead, which consequently maintained the current drop of XVG with a very strong volume of sellers (red arrow).
My guesses: We still in the final rally on MACD and a very strong support as I mentioned before, this added to the fact that Elliot's Waves ABC(green) is not completed yet corroborates with my idea of a possible new rise soon, probably close to 0.00017248 the line that will determine whether or not it returns to the uptrend channel. So don't overtrade guys, lets the market shows the answers.
Always remember my fellow friends, I'm like everyone here who is trying to improve my views on Charts and patterns, never take this as a financial advise because you are on your own.
If you liked or with you have an opinion about, I'll be happy to read it.
