Verge long trade perspective.BITTREX:XVGBTC
It has been a while since my last post, now with BTC apparently in a bullish trend is time to plan for long positions in alts.
Verge is still at a very attractive price and one possible long perspective is depicted into above chart using Elliott waves. When taking long position I use daily time frame when possible because it give me the best preservative for a long position. We are still enfolding the first wave, The RSI sits at around 40 points which supports long trades, giving a lot of room for investors to buy into. DMI is also supporting longs, we don't see yet great volume coming but as we know first wave is about accumulation and building up for long trades.
Be aware that second wave could claim as much as the entire gain of the first wave so if you consider taking a long position now be prepare to hold it at the correction.
My first target in a normal situation without much hype around it is at around 2400 satoshi, giving some good news I can expect hitting higher targets like 3000 or even 3700 satoshi. Everything is possible in this markets and we need to be prepared for what market is throwing at us. As in any other long position I'm planning to hold my position and lock-in some profit when hitting the third wave. If the second wave claims back 75% or more of the first wave I will add more to my long position. It should be noted that you could potentially sell on a third wave and buy back on forth wave, which usually I don't do. What instead I do if good news come around I buy smaller position during the forth wave and sell during the fifth wave but that is more of a short term trade rather than long, taking advantage of the market condition at that time.
I will keep updating while the market is enfolding the price.
This is not financial advice just my own opinion and you should do your own research before investing into this asset.
