24.3.2021 - Verge (XVG / BTC)
Hi Traders!
Today we will trade a well-known cryptocurrency - Verge. It is known especially from 2017 when in a short time its price increased compared to bitcoin by 4,000%. Since then, however, he has not shown much and is basically only declining. I certainly wouldn't recommend holding Verge, and like UMA (in the previous analysis), it's just short-term speculation.
On the chart, we can see 3 basic cycles - growth from 2017, followed by a significant decline and finally consolidation. On the weekly chart, we can create a trend line that we have already overcome. The increased trade volumes at the bottom of this structure also work well. That is the reason why I am devoting myself to XVG today because in their absence it would mean that no one is interested in Verge even at this price level.
The BK indicator lies below the chart, is ready for growth and also forms strong support. I would set the targets to 138 and 255 satoshi. By going for higher goals, means that the trade can last 2-3 months. I would set stoploss to the current low - in our case to 16 satoshi. This is a low stoploss and you can lose a lot of capital, but on the other hand, we can also gain a lot.
I would certainly not trade this trade on leverage, especially due to fees and the risk of liquidating the position. It can take several weeks and we would risk more loss. Trading on leverage is ideal for fast trades for a few hours.
May the crypto be with you!
Today we will trade a well-known cryptocurrency - Verge. It is known especially from 2017 when in a short time its price increased compared to bitcoin by 4,000%. Since then, however, he has not shown much and is basically only declining. I certainly wouldn't recommend holding Verge, and like UMA (in the previous analysis), it's just short-term speculation.
On the chart, we can see 3 basic cycles - growth from 2017, followed by a significant decline and finally consolidation. On the weekly chart, we can create a trend line that we have already overcome. The increased trade volumes at the bottom of this structure also work well. That is the reason why I am devoting myself to XVG today because in their absence it would mean that no one is interested in Verge even at this price level.
The BK indicator lies below the chart, is ready for growth and also forms strong support. I would set the targets to 138 and 255 satoshi. By going for higher goals, means that the trade can last 2-3 months. I would set stoploss to the current low - in our case to 16 satoshi. This is a low stoploss and you can lose a lot of capital, but on the other hand, we can also gain a lot.
I would certainly not trade this trade on leverage, especially due to fees and the risk of liquidating the position. It can take several weeks and we would risk more loss. Trading on leverage is ideal for fast trades for a few hours.
May the crypto be with you!
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