VERGE XVG/BTC UPDATE 5/6/2018

in verge •  7 years ago  (edited)

Technical Analysis:

  • The extended correction potential has played out
  • Another failed attempt at breaking out of this channel resistance (upper blue trend line)
    • Both the 55EMA and the 200 EMA are now acting as a strong resistance  as well
    • Verge will have a hard time breaking above 800 and 815 satoshi based on where we are right now
  • Strong support at 760 satoshi
  • Long term targets remain the same
    • BULL FLAG pattern still viable
  • A strong green candle on the 4 hour chart closing above 835 satoshi could signal a move to complete the 5th wave of this cycle
    • This is still only a sub-wave of the 3rd overall primary wave moving towards 1500 ans 2000 satoshi
  • RSI is dipping into oversold territory where it can only stay for so long
  • Positive move to the upside will occur in due time
  • See LINK for previous technical analysis, chart, and notes




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So XVG fell to the lower support zone and has been there for some time. Volume has all but dried up in recent days. Poised to make a move upwards? What are your thoughts?

Hey Lee, I will be posting 2 charts on XVG tonight. It has gone through a much more complicated correction and consolidation, but not much has changed in terms of its upside potential. Can't predict the time it will happen but it is very oversold at the moment and volume has dried up. Quickly looking at it though, I do still see a move to 1600-2000 satoshi happening. The whole market is down but in terms of trading and cost averaging opportunities, this is a gold mine! Tron is currently working up against this downward BTC and Market and may be something you might want to take a look at. Hope this helps and look out for my posts later on tonight!