VERGE (XVG) prediction using EWT
Hey legends!
I hope youve all had a good week, christmas and a great start to the new year. Im a strong believer in VERGE and im excited to be holding this coin long term, however its a beautiful thing to be able to accumulate more trading throughout the week.
My prediction for this short term is that we are still in a corrective state. Last week, on the hourly chart, we had a beautiful extended flat ABC correction after the 5th wave which is noted as wave A on the daily chart. It looks like we are now on a run back up to around $0.25 before a final corrective C wave. On the hourly chart it would also appear we are looking at wave E in a reverse symmetrical triangle to hit that $0.25 figure, before heading back down.
There is a lot of 'fresh meat' on this coin after the mainstream news of the gains on this coin, so if this is a zig zag expect a heavily panicked C wave before a rebound to around $0.14.
This is only my personal prediction of chart analysis and should not be taken as trading advice!
Remember, waves 4 can't overlap with 1. If they overlap it's most like a 3,3,5 flat and not 5,3,5 zig zag.
When labeling corrections, it's either a,b,c or a,b,c,d,e and not 1,2,3,4,5 unless a zig zag or a wave c.
Of course! This is exactly what i needed to hear. Sometimes i forget simple rules in order to fit what the graph looks like on first sight.
This looks much more applicable:
(3,3,5 flat correction with extended 3rd & wave C 1.618x longer than wave A - also noting alteration between wave 2 & 4)
Im also interested to hear your thoughts on the H&S pattern we have for Verge? Neckline has already been breached twice but only momentarily.
I'm curious why you see value in verge as opposed to some of the other privacy coins that arguably have better development teams and a better product.
I am also curious if you were an advocate of verge before or after the John Mcafee pump.
Great questions my friend!
To begin with i have been a holder of verge since July '17. Truth be told i bought it simply because it was one of the cheapest coins on bittrex. After more research i decided to reinvest a good amount long before it was worth more than $0.01.
From a technical analysis point of view it has incredible long term prospects in price increase %. It had no ICO when released which gave the average man plenty of opportunity to invest at a low price.
Fundamentally it is fast, stable, private and has a good total supply of 16 billion - something that will make it easily more adoptable into real world payment scenarios (i.e paying 2 XVG as opposed to paying 0.000125 XMR for a hamburger). Admittedly, you could say the development and marketing team has room for improvement, i personally believe that previous 'issues' have more been with timing than the development itself.
Finally from a holistic point of view (which in no way reflects my analysis) if it hits just $1, a lot of average people on poor wages who invested small amounts early will have made a good sum of money that will undoubtably help them financially, and that in itself is a thing of beauty :)
I understand thanks for taking the time to explain.
I am wary of looking for big returns on coins with a large float. I consider 16 billion to be relatively large. It will help bring about price stability in the long run, which will make the coin less volatile and more attractive for use as a medium of exchange...but I do feel that many of the other privacy coins have better development teams than verge and will likely achieve market dominance first.
But I certainly hope you're able to make some good money on verge!
Long term verge hodler here and not planning to let go. Especially after all the crap that happened recently we couldve easily fell to 300 sats or so before all the crazy pumps started happening. wraith is released and with constant bug fixes coming out i do believe this will be good coin!
What do you think about salt? i did an analysis on it yesterday and was wondering what you think :) cheers!
https://steemit.com/bitcoin/@srankoin/salt-btc-massive-buy-opportunity