Verge - The correction before blast off

Verge is currently entering a corrective phase in which I see it retracing as far back as to the .618 fib levels. This is supported by the volume node along with previous resistance/support level from its prior bull run during late 2018 and also by the VPVR node. RSI on the 4hr chart as dipped below oversold and verge is entering a consolidation phase in preparation for the next leg up. MACD is also turning bearish from investors taking profits. Re-entry levels should be aimed at this fib levels with my first target price at 1,350sats followed by the previous ATH of 2k sats. Perhaps this upcoming announcement is as big as XVG makes it out to be, perhaps it's not as big as XVG team is making it out to be. Regardless, I will be buying the rumor and selling the news.

As always, this is not investment advice. Happy investing all!

Comment:

As expected the price is retracing towards the .618 fib level near the end of the rising wedge as more investors take profit. As stated before MACD was pointing towards a bearish trend but the overall trend from the 12hrs and daily chart is still bullish. If this level of support doesn't hold them we will retrace down towards the next volume node which also corresponds to .5 fib level. Re-entry at this point would be a decent buyin and you could cost average down as it keeps retracing. I will update accordingly.

Happy investing all.

Comment:

Verge is moving between the .618 and .50 fib level as mentioned above. This is on point with the 50% retracement theory after bull runs. Hopefully bitcoin continues to move sideway or trends upward but slowly before the announcement! Expecting big things from the Vergefam. AND FYI there was an exploit today that interfered with verge mining but the verge team is taking care of it.

Happy investing all.

Comment:

Xvg is displaying its resilience despite being exploited by hackers the other the day! Traction is picking up as we near the end of the wedge. I expect price to rise within the the week due to the announcement that us to come on the 17th.

Xvg tried to push yesterday but bitcoin tanked 300ish in value thus preventing xvg's bullish continuation. Hopefully bitcoin behaves today and allow xvg to escalate to values equivalent to its previous ATH or even higher!

Trade closed: target reached:

Target breached plus more!