Updated VERGE (XVG) prediction
A quick Verge update from me today!
This is both a prediction and an open discussion for other people's opinion's.
We recently saw a nice bull run in Verge along with the rise of BTC. There are a lot of predictions for one more lower low in BTC, and the question asked again is will daddy bring the alts down with it one more time.
In my last prediction I anticipated the previous $0.06 to be the lowest low, but after a rise of 100% to over $0.12 it dropped to under $0.04.
After a nice impulse in the last week up to $0.09 the brakes have been put on.
I shorted just over 30% of my Verge holdings at $0.082. This was in anticipation of another low as the price hit one of my upper trendlines (purple) and fib ratio's I had graphed. Looking at todays chart we also have what could likely be a descending triangle, often (but not always) a bear signal.
A final drop to $0.025 would be quite fitting as wave 4 primary and stay within the primary trend lines - so let's see what happens these coming week's with BTC.
I have laid off daily crypto analysis and although I sometimes check the charts my daily trading has almost ceased. However should the signal for a drop become more strong I will likely short the majority of my XVG.
For daily updates on BTC check out @ew-and-patterns channel.
Please feel free to share your opinion's and theory's, it is always welcomed!
an abcde like this would imply a downmove which does not work in an uptrend. But I like that daily channel ;-)
Thanks for stopping by EW!
Yeee looks like the bottom broke a few hours ago so it became invalid and is now likely a typical ABC. Interested to hear your thoughts on short/mid term movement
Good analysis of the daily channel
I contribute my analysis in the medium and long term
If it continues to move through the channel we could see a fractal like this
Possible medium-term objective 10 dollars
I await your comments. thanks
Looks good, but $10 is a long way off. If it does happen someday, I'd imagine the USD will be much less used in society and we'll have adopted crypto completely mainstream.
The miraculous pump sometimes happens, especially in December