2-9-2018 XVG Pennant - Breakout?


2-19-18 XVG.PNG

Watch out for XVG in the coming days. On the 1-hour candles chart, we see a sloppy pennant formation. This might not be an accurate depiction of the final flag formation, but it's close enough to know that there's a breakout on the horizon.

There's an ascending baseline when you connect the bottoms. This is called "higher lows", and is indicative of a bullish formation. There is a chance that the breakout could be in the negative, but with the overall market looking the way it is, I think this one will break out to the next level and start an entire new formation.

Watch out for the volume, and then watch for the 5-day EMA to get wild and crazy. When the 5-day EMA crosses over the 34-day, we can confirm that the breakout is the start of a new bullish channel.