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