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Verge/Bitcoin (XVG/BTC) Pulls Back After Bullish Breakout

XVG/BTC has been trading in a triangle after it shot to the moon in December. It looks like bulls are back in control.

XVG/BTC

  • Price action has been flirting with a bearish breakout, but price remained sideways for the most part in January. 
  • During the 1/8 session, price action was bullish and broke the triangle resistance.
  • Now, there is a pullback during the 1/9 session.
  • I think the 1290-1335 satoshi area will provide support.
  • BTC/USD has been retreating from just above 17K to below 15K. But if it starts to rally sharply, we can expect the pull back in XVG/BTC to be more pronounced.
  • In this scenario, we should monitor the 1145-1190 satoshi area for support.
  • There is upside to 1700 and eventually the 2000 sat levels.

Bitcoin (BTC/USD) - Bearish Correction vs. 50-Day SMA

Bitcoin Retreats After Failing to Hold Above 17K