Target: The area of interest
Reason: Data shows rejection of bulls below the exclamation mark . After dropping down XVGBTC price has been staying underneath 50 EMA zone without going over the line. A retest may still be possible but the symmetrical triangle shows that the price leans more towards the bottom. Volume has been low also. My eyes tells me that a H & S pattern could be forming as drawn.
Reason: Data shows rejection of bulls below the exclamation mark . After dropping down XVGBTC price has been staying underneath 50 EMA zone without going over the line. A retest may still be possible but the symmetrical triangle shows that the price leans more towards the bottom. Volume has been low also. My eyes tells me that a H & S pattern could be forming as drawn.
Comment:
A closing price below the right shoulder could indicate the beginning of the drop.