XVG Verge - Very promising, it is: Mid-term target: $0.70

in #bitcoin4 years ago (edited)

Good morning everyone!

Per request, here is an analysis on Verge (XVG), a very promising crypto. This is not me speaking, this is John McAfee's words (google's your friend). Was that the event justifying the last bull run up to $0.29? You got 2h. (just kidding!)

I had posted a chart a few days ago about a possible bull flag. Did it confirm? Well, yes and no. Except if we consider it a giant bull flag. But XVG does not need this to go up. First, let's take a look at a tentative pattern recognition:

xvgusd281217.png

I must admit I for one am not convinced by my counting for wave A, but it does not matter, destination's the same. And more importantly, look what we 've got here: a single 5-3-5 zig zag correction that retraced beautifully down to Fib 0.618. Wave (v) of C might not be in yet, however if we take a look at the bigger picture, this is what one may call "very promising" (4 hour chart):

xvgusd281217_midcor.png

xvgusd281217_mid.png

How handsome! Now let's try and see where this could lead us. I think this is what @haejin might call the "jaws of wealth":

xvgusd281217_long.png

Mid term targer: $0.70; Long term target: $1. Only time will tell, but remember that after a correction, a new set of impulse waves shall be ready to start. Still, news or events shall arrive to justify the forecast.

Enjoy the ride!

-------------DQmWpisRXDF56mV3DgzzPUxb3R2ozseR48YVr2YKtwtrBcV.gif------------

Thanks for reading me, I'd appreciate an upvote if you enjoyed this technical analysis. Also Don't forget to FOLLOW me & Resteem !!!

Remember this article is not intended to guarantee any gain nor encourage you to invest in any way! This is just for your information.

You could even consider offering me a beer! ;)

ETH 0x7f6A03620BCaDaFCb76E0B0E253F4bF50b6f8A24
BTC 1JPARFZfvrdj9VgNxcvq8D9G3dc5X113Wd
BCH 13R98Ggzuq5NZx5AnguMkNXs3qmBMhPqvg

Have a good one!

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This is a complex correction and likely not to be counted ABC, but I fully agree on your last picture. This is likely the wave 2 correction. Well done ;-)

I think you already told me about this some time ago, and I tend to forget to label it XWY... my bad indeed! Destination's the same though isn't ;)

I appreciate your upvote! This encourages me. Thank you!

I also see triangles in this correction so it could be a long lasting combination of corrective structures. Yes, but the destination is exactly the same.
Do you see the wave cross between 4 and 1? Normally this is not allowed. Do you know why it is allowed in this case? This is something to keep in mind...

This is because here, we have a diagonal triangle. Right?

Yes! A leading diagonal triangle in bigger wave 1.

Hey guys. Thanks for this post and your discussion on the comment section, have been trying to map Verge myself but had problems! This really helped :)
I think that it is nice that we are creating a crypto-culture on Steemit where we are not afraid of sharing our charts, even when they are not completely perfect!
What do you guys think of REP and SALT. Feeling unsure of my counts.

RCN/BTC
RCN_BTC.png

RCN/ETH
RCN_ETH.png

SALT/BTC
SALT_BTC.png

hey there! I agree with you, sharing is key. Here's for RCN/BTC:

rcnbtc281217.png

Long story short: Cup & handle / handle probably in an ABCDE formation, but may be already done (ABC only), even though wave (iv) would fit Fib 0.618 retracement of wave (iii). Target the same whatsoever: 4640 satoshis

EDIT: forgot about SALT/BTC: it should go deeper than your current (2), between 90000-84000 satoshis.

Thanks for your fast and positive feedback, it was really helpful, even if I was way off! LOL
Just ordered the books that @haejin recommends, hoping that my skills will improve from more practice, only started TA 3 or 4 weeks ago and it is already helping me increase my profits!

Just a comment: remember when counting EW, that wave 1 and 4 can not overlap. This would cancel waves 3 and 4, so you would still be on wave 1. For the count to hold, you may choose to ignore the pins and keep only the candle bar bodies. Since the pins can occur on a single transaction, this can be totally valid for low volume charts (low volume coins, single exchange...)

I already know, and what you say is exactly what happened. Bodies at the end of 1 and 4 don't overlap :)