XVGUSDT Ascending Triangle Pattern

7 jul 2023

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!!!!

8 jul 2023

Nota

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.

10 jul 2023

Nota

Pattern broke formation so no longer relevant.