Verge heading to 170 Sats!?!
I know that you guys want to see the next bullrun of Verge, but i would be currently very very cautious with this coin!
The bounce of the red line was expected and normal. But it's not certain if the support will hold. 330sats are the crucial target. After that we will drop to a price nearby 170 sats.
A 1 to 1 extention of the ABC correction would hit the last longterm support at 170 perfectly. (green wave)
Furthermore we can draw a perfect Elliott Wave with a finished 5th wave again at 170 sats.
You have to have in mind, that we don't start a bullrun just because we draw a line.
TA is just the implication of the overall sentiment, which is currently very bad for Verge!
Again: We can hold the red line and forming a bigger triangle, but i doubt it!
The bounce of the red line was expected and normal. But it's not certain if the support will hold. 330sats are the crucial target. After that we will drop to a price nearby 170 sats.
A 1 to 1 extention of the ABC correction would hit the last longterm support at 170 perfectly. (green wave)
Furthermore we can draw a perfect Elliott Wave with a finished 5th wave again at 170 sats.
You have to have in mind, that we don't start a bullrun just because we draw a line.
TA is just the implication of the overall sentiment, which is currently very bad for Verge!
Again: We can hold the red line and forming a bigger triangle, but i doubt it!
Note
We have broken the important support and now we are hovering in a big void with no real support untile 170-180 sats.
Bitcoin is currently at a possible 2nd wave of an upwards ABC correction. The third wave could stop the fall of Bitcoin temporary but on the longer term I see my target to be reached.
Only a bigger fundamental news could stop this big drop.
Note
We have an 1:1 extention to 325sats which is exactly the last big low of verge.
Falling below that price will cause a further downtrend.
Note
IF Bitcoin makes a correction the next week, we will have a high likelihood for this scenario.
IF Bitcoin stays suddenly bullish, than we can delay or even stop this TA.
PS: It's funny tho, that you only get likes for a bullish TA. ;-)
Note
Next Fib target has reached. We are still heading downwards!
Note
Today was the announcement of the partnership between Verge and Pundi X. Despite of the news, we had no real buying force. (never a good sign)We have even broken the support on the xvg/usdt chart we we have formed a bearish pennant pattern. Due to this TA we are heading to approx. -35% to a price nearby 0.014$.
On the xvg/btc chart we have made a bearish channel. We had a small spike due to an add to an exchange, but that price wasn't sustainable.
Now we have lost support on this chart too.
I'm sorry for every Verge holder, but my target at nearby 170 sats, which I have made one month ago, are still intact!
Note
And the next downwards wave will occur soon. Two extentions are heading towards nearby 226 sats.
Note
We are finally some steps away before hitting my target which I've made 5 weeks ago.
Verge lost its support a long time ago and dropping insteps downwards.
Although, here is one big problem!
Bitcoin is on the threshold to a big dip, if we drop below 6000$ (very likely).
IF that happends, than a price nearby 100 or even 50 sats is not far away!
Note
The question everybody is asking me: "Is this the bottom?"My answer is: Yes and No
Everything depends now on Bitcoin! I expect Bitcoin to have a small retracement now to at least 6800$. If Bitcoin should drop earlier suddenly, than we should see instant new lows for verge.
If bitcoin stays stable for at least 1-2 weeks, than verge could have a retracement of approx. 50%!
Case (Bitcoin has a bounce now) : Then we can see a target nearby 270 sats
Case (Bitcoin drops now) : we will see new lower lows.
Case (we reach 270 sats) : then either we drop to the blue line nearby 200 sats and stay above it (very bullish) or we drop below the blue line. If so, a target nearby 90 sats is likely.
PS: Currently we are on a very high risk zone for trades! Set your stop-lose targets very tight!
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.