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📅 July 3, 7:00 – July 9,
$XEC Update
$XEC has now filled the 5th wave inside the green falling brodening wedge.
This pattern is likely in the pre-stages of a breakout to the upside.
It will be nice to see the 1hr, 4hr, and 1D 200MA below price action again with a bullish retest on the 1D 200MA.
I like the bullish potential in price action here.
Higher highs and higher lows are important for the bullish narrative.
Lower highs and lower lows and down she goes...
200MA's are the main benchmark points that are commonly used by traders.
The moving averages can tell us a lot about price action.
For example, when the white 21MA has a wide spread between 200MA, this indicates a consolidation is coming.
We can see an example of this on the left in the chart. The yellow 200MA has a big gap between it, and the white 21MA is below the 200MA. Things tightened up price action consolidated. Tight MA's after a downtrend consolidation hint that a move is coming.
Next, I want to see the 4hr 200MA back below price action.
This appears to be nearing a decision point here soon.
NFA, DYOR ⚠️
#Crypto # XEC #ECash # Trading