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.

Please give me a thumbs up and follow me if you found my analysis interesting.
This is for educational purposes only and not a recommendation to buy or sell.
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing House Rules Moderators Website & Broker Solutions Widgets Charting Solutions Help Center Feature Request Blog & News FAQ Wiki Twitter
Profile Profile Settings Account and Billing TradingView Coins My Support Tickets Help Center Ideas Published Followers Following Private Messages Chat Sign Out