XVG still correcting
Actualizado
- On monthly time frame the RSI is above its SMA. A slightly bullish scenario.
- This could lead us to the upper trendline, so something like ~0.02
- If we see some more momentum building up, for example a bullish diVERGEnce on the RSI, it could continue breaking the upper trendline with a body (not just a wick) (and holding it as support with the following candle(s)).
- If momentum is weak or we are simply too early, we could just finalize the ABCDE pattern and visit the lower trendline. ~0.0012 would still be in valid ranges.
- If we continue with the pattern, then at some point 2026 - 2029 a breakout to the top would be the most likely outcome according to general technical analytic rules.
- If it fails to break out or does even fail to develop a trading channel above key support levels, then everything to the downside is possible.
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The red dashed lines mark gaps. (Yes, (CME) gaps are also applicable to many other assets...)
We have a few gaps below current price, there is a tiny one close to ATH as well.
On the 6M time frame is a gap in the making (could confirm tonight) at ~0.0024 which gives us a hint that there is a somewhat higher likelihood to re-visit those levels and close the gap anywhere in the future. (Could be in years, in days, or never...)
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Non of the above is a trading advice, all of the above might be completely wrong. Nothing is guaranteed. I am not a professional. Use this information for your own research. Do not invest anything which you cannot afford to lose.
Have a great day!
- This could lead us to the upper trendline, so something like ~0.02
- If we see some more momentum building up, for example a bullish diVERGEnce on the RSI, it could continue breaking the upper trendline with a body (not just a wick) (and holding it as support with the following candle(s)).
- If momentum is weak or we are simply too early, we could just finalize the ABCDE pattern and visit the lower trendline. ~0.0012 would still be in valid ranges.
- If we continue with the pattern, then at some point 2026 - 2029 a breakout to the top would be the most likely outcome according to general technical analytic rules.
- If it fails to break out or does even fail to develop a trading channel above key support levels, then everything to the downside is possible.
___
The red dashed lines mark gaps. (Yes, (CME) gaps are also applicable to many other assets...)
We have a few gaps below current price, there is a tiny one close to ATH as well.
On the 6M time frame is a gap in the making (could confirm tonight) at ~0.0024 which gives us a hint that there is a somewhat higher likelihood to re-visit those levels and close the gap anywhere in the future. (Could be in years, in days, or never...)
___
Non of the above is a trading advice, all of the above might be completely wrong. Nothing is guaranteed. I am not a professional. Use this information for your own research. Do not invest anything which you cannot afford to lose.
Have a great day!
Nota
"D" was reached, JIT!- I am not so confident target "E" is actually coming, it could be easily skipped. The recent structure could be seen as a one-two setup.
Like Steve says, it is more risky to be out, than to be in!
- No trading advice, dyor!
Have a great time!
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