Executive Summary:
I believe every crypto currency investor should have some verge in their wallets stored safely off-line is a long-term hold. Verge has suffered pricewise severely during the recent Bitcoin price slide. The decline in verge prices been wildly out of proportion to its true value. This represents an investment for the long-term opportunity as well as a trading opportunity. 98% of my readers should be invested in verge if not previously, now at this point which is even more advantageous. What follows are my opinions concerning the possibility of some trade opportunities that are not of the sort for the average investor.
The 30 minute chart
Should The current Bitcoin rally continue, then we can look for Verge symbol XVG to break out to the upside above the current downtrend channel. Followers of verge will know that verge has taken quite a hit pricewise during the recent downtrend. There is no fundamental reason for this because verge has a strong team, and a solid community, along with a working product. So the decline and verge prices entirely a technical price issue.
Looking at the 30 minute chart verge has recently breached the upper line of the downward trend channel then moved slightly below it. The RSI on the 30 minute chart is beginning to tick back to the positive direction, and trading volume has helped steady.
The MACD indicator is presently in the middle of its range.
The Four Hour Verge Chart
Now, as we are zoomed out from the smaller declining channel, we can see on the four hour chart a larger picture. First of all noticed that the RSI and the MACD are both pointing upward. You will notice another blue line with an arrowhead above that which indicates the continuance of the previous uptrend and that is important to watch for future price action.
Should we succeed in forming a four hour candle above the trend channel, then our next price target is where our previously mentioned price trendline intersects with the Fibonacci 0.236 level at 0.07433 Bitcoin. That point would represent approximately a 100% gain from our current position. As you can see I have plotted the Fibonacci lines that ascend from this point each of those represents a resistance support line for the price. At each of these if you were to take a trade, you would need to be watching for the possibility of a turnaround and a decline or if the candle successfully forms above each of these lines a continuation to the next level.
The two yellow boxes to the left are what I feel will be the likely profit-taking price zones for any future advance. They are placed to the left only for the sake of visibility, the zones they represent pricewise are the zones that I'm interested in.
All statements and expressions I offer are my opinions, and not meant as investment advice or solicitation. Information provided is not personal investment advice. Seek guidance from a professional investment advisor before trading or investing. Trading cryptocurrencies can be a potentially profitable opportunity for investors. You should carefully consider your investment objectives, level of experience, and risk appetite. Most importantly, do not invest money you cannot afford to lose. I am not a registered investment advisor. </i>
Wishing you success,
Isaac
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