XVGBTC
It has been a while since my last post, now with BTC apparently in a bullish trend is time to plan for long positions in alts.
Verge is still at a very attractive price and one possible long perspective is depicted into above chart using Elliott waves. When taking long position I use daily time frame when possible because it give me the best preservative for a long position. We are still enfolding the first wave, The RSI sits at around 40 points which supports long trades, giving a lot of room for investors to buy into. DMI is also supporting longs, we don't see yet great volume coming but as we know first wave is about accumulation and building up for long trades.
Be aware that second wave could claim as much as the entire gain of the first wave so if you consider taking a long position now be prepare to hold it at the correction.
My first target in a normal situation without much hype around it is at around 2400 satoshi, giving some good news I can expect hitting higher targets like 3000 or even 3700 satoshi. Everything is possible in this markets and we need to be prepared for what market is throwing at us. As in any other long position I'm planning to hold my position and lock-in some profit when hitting the third wave. If the second wave claims back 75% or more of the first wave I will add more to my long position. It should be noted that you could potentially sell on a third wave and buy back on forth wave, which usually I don't do. What instead I do if good news come around I buy smaller position during the forth wave and sell during the fifth wave but that is more of a short term trade rather than long, taking advantage of the market condition at that time.
I will keep updating while the market is enfolding the price.
This is not financial advice just my own opinion and you should do your own research before investing into this asset.
Trade active:
Update: just breaking the downtrend line. I both into at 590 and more at 620. It is possible that the trend line is going to be retested and the price to go down again closer to 600 or lower. Because the risk/reward ration is very good down at 0.78 Fib retracement I'm not worried and instead I'm going to accumulate more.
Comment:
We are experiencing a sell off due to BTC and swing correction which in my opinion is normal so far. If the 0.5 Fib of the last swing holds, the next target is closer to what I predicted for the Elliott first wave, can it go higher? sure or maybe not but based on the chart it has all the chances. If you want to lock-in some profits it's totally understandable, as mentioned in my previous post I'm in for a longer perceptive, I'm waiting for the market to get over 1000 satoshi and reevaluate my long position then.
Comment:
We are still heading to the down side, part because BTC is having a bull run now, it will certainly go lower, could retest the support at 580, which is another great opportunity for accumulate for a long position. On 4h chart we are about to be oversold which should give us some signs of reversal and if that is happening I'm planning to buy some more. For now I'm waiting to see what market is going to do next and once I see some positive movement I will post an update.
Comment:
Update: In my opinion the trend to the upside is still intact, it is possible we go lower but as long as we stay above 500 satoshi we are on the wave 2 correction for an uptrend 5 waves. If we break the 500 to the down side I will do another update.
Trade active:
Update: we just started the 3 wave. I will keep updating the chart.
My trade is still active since previous post.
My trade is still active since previous post.
Comment:
Update, the trend is broken we are on the down trend still with the 4 wave currently playing out. Possible scenario:
Comment:
This is also possible: