Pattern: Downtrend
A downward channel has been formed in the XVG/USD 4hr chart:
Trajectory One:
In this trajectory Verge will follow the channel and test the support at the 0.10 to 0.08 range. If this support holds, then a bounce to the resistance level at $0.17. If this resistance is broken then the next target would be the psychological barrier at $0.20.
Trajectory Two:
In the second trajectory Verge is able to break through the resistance at $0.17 and find support at that level.
The RSI level is indicating a downward trend sitting below 50. The MACD indicator has yet to cross over to signal a bullish trend. Once the MACD confirms a trend reversal I will place my position.
As always, you can never be 100% sure of the outcome. At the end the market will decide!
Recommended Guidlines to Follow:
- Wait for the Break Out
- Open your position by following the trend
- Set your target limits
**Always set your stop losses when long
I wish you MASSIVE profits on all your trades,
UPVOTE - COMMENT - RESTEEM
What cryptocurrency would you like me to cover next? Would you want these posts to be more detailed in a Technical Analysis standpoint or simple and to the point? Do you agree with this position? What do you think will happen?
Let me know in the comment section below!
If you find this post helpful consider buying me a Beer:
BTC - 3AQP9LMjY8SNSZ6nfpsn67nVQe3db8tg3K
ETH - 0xc486b894321d3520D40f257B7fDbf904b25aBD65
LTC - MTbXPRKTcuMLdN6czDeEXzdSus7MnbponG
XVG - DKBHQX5zxQPizLym9Y2uWzfmQVJ1fVt6wM
Disclaimer: Never invest more than what you can afford to lose. This post is my personal opinion, do your own research before making any investment decisions. If you make any trades after reading this post, it is completely in your responsibility. I am not responsible for any of your losses. By reading this post you acknowledge and accept that.