Ali Al-Shami
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💰 XVG—Verge · A fast and strong upward wave of 581% 🎯
$XVG
Resistance is still weakening, and we know this in two ways: 8 candles have already breached the upper limit of an ascending triangle, and the candles continue to produce higher lows. With each new candle, the price action comes closer and closer to resistance; and further away from support.
The more resistance levels are challenged repeatedly, the weaker they become.
Here the numbers show a maximum of six, but there are eight candles. If you lower the resistance line, you can count more candles. If you raise it, you can count fewer; this is irrelevant of course. What is really important, and revealing from a technical analysis perspective, is the broader and larger chart structure. A pattern that clearly shows that price action has an upward tendency.
Resistance is still weakening, and we know this in two ways: 8 candles have already breached the upper limit of an ascending triangle, and the candles continue to produce higher lows. With each new candle, the price action comes closer and closer to resistance; and further away from support.
The more resistance levels are challenged repeatedly, the weaker they become.
Here the numbers show a maximum of six, but there are eight candles. If you lower the resistance line, you can count more candles. If you raise it, you can count fewer; this is irrelevant of course. What is really important, and revealing from a technical analysis perspective, is the broader and larger chart structure. A pattern that clearly shows that price action has an upward tendency.
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