BITTREX:XVGUSD   Verge / US Dollar (calculated by TradingView)
VERGE had some consolidation on verge,

You can take long positions or scal in the trading channel.

the moment the lower trendline get broken, for instance when you see at least a 15 and 30 minute candle closing outside the channel. you can assume the consolidation broke downwards.

Secondly take into account in case of a major spike downward, the market usually trades back upwards towards the trendline to test and confirm the outbreak. You ll see bars trading against the lower side of the trendline on smaller timeframes ( 5 . 10 and 15 min) before downward resumption.

verge is a pump and dump. if you cant handle the stress, lower your positions on it until the level you feel comfortable to avoid panic selling.

I m currently holding only a small portion in verge, moved to KIN, Ripple larger size, LTC and BTC partially,

Actions that can be taken:

Buy the touches of the lowest trendline of the channel.
Sell at the top of the Trendline or hold 50% in the event of a break upwards and continuation of the uptrend.

Trade safe

Comments

Wave 5 fibonacci retracement isn't correct. After an impulse up you need to take the retracement to the initial breakout point (Start of Wave 1)
Verge, isn't a pump and dump either. Major retracement due to the whole market retracing, please don't spread FUD and incorrect analysis.
Reply
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