$XVG Verge needs some more time
Updated
I just had a look at the chart for XVGBTC 0.00% as many peeps talking about it.
IMHO it did a typical first pump, sell off and now trying to find a bottom.
I think it might need some more time so it can finish this 5 waves movement. Target would be the blue box from where we can look for a bounce.
RSI is telling me, its at the bottom right now, therefore I expect short term some movement to the upside (4) but according to Fibonacci, this correction isn't over yet.
Fibonacci retracement also broke through the 68.1 level, next level is 78.6 which is exactly in the blue box.
Keep an eye an the price action when it reaches the upper trendline , if we see a strong upmove we might have the brake out already.
Remember: this is just TA, cryptos are very volatile and easy to pump/dump. TA is just a tool, don't rely on it for 100%
IMHO it did a typical first pump, sell off and now trying to find a bottom.
I think it might need some more time so it can finish this 5 waves movement. Target would be the blue box from where we can look for a bounce.
RSI is telling me, its at the bottom right now, therefore I expect short term some movement to the upside (4) but according to Fibonacci, this correction isn't over yet.
Fibonacci retracement also broke through the 68.1 level, next level is 78.6 which is exactly in the blue box.
Keep an eye an the price action when it reaches the upper trendline , if we see a strong upmove we might have the brake out already.
Remember: this is just TA, cryptos are very volatile and easy to pump/dump. TA is just a tool, don't rely on it for 100%
Note
Price already hit the targetbox so I had to adjust the lines a bit.This is new set up.....
Hitting the targetbox already might lead to a bullish move from here already.
Watch for further price action towards (4), I wouldnt buy here at the bottom but only after breakout. The trendlines are no certainty that price will stay above.
Note
Wonderfull bounce from the bottom of my target box. Strategy stays the same: wait for breakout to be sure it doesn't decline further to 5 (and even lower).This bounce is due to BTC's correction. If BTC bulls wake up, alts might suffer again, therefore: trade what you see, no what you think
Note
brilliantlu followed the lines, now breaking out!
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