BCryptological

Verge flirting with 2018/2019 low - support and bounce?

BINANCE:XVGUSD   Verge / US Dollar (calculated by TradingView)
If BTC's expected grind down continues, XVG is due to hit its 2018/9 low in the coming days. Along with the Stochastic RSI primed, this event brings with it two distinct possibilities:

  • XVG bounces back up 80-100%, such as the recent Nov and Dec bounces (bearing in mind the 50MA is closing in fast, providing resistance to possibly cap a bounce at 50%)
  • XVG cannot find support and drops down, creating a new 2018/2019 low

Either way, it would not be wise to enter a trade until we see how XVG responds to the 2018/9 low... but should a bounce occur, a well-timed entry could prove very profitable indeed.
Remember: always always have a stop-loss; a trailing one if possible.

Links below to the combined RSI/Stochastic RSI and 50/100/200 Moving Average indicators.

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This is for educational purposes only and not a recommendation to buy or sell.
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