A cup formation is usually a bearish signal, however, we may see some slight selling off before another trend upwards as verge has been parabolic recently so it is not uncommon for a set of. When this is recovered from we can expect to see Verge breakthrough the resistance which is indicated by the orange line which will result in upwards movement two previous lies and maybe even above. it would be a good idea to accumulate on the support the buy zone is indicated by the purple rectangle.
MACD- lines look to be crossing over in the short perspective which is bearish.
RSI - is slightly overbought which also signals an upcoming sell-off or bearish action.
As always trade the lines accordingly.
Kommentar
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Accumulation point has been hit. (Pruple Box)
Kommentar
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Purple*
Kommentar
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Support has been broken and the price has now returned to an old one. We will see some consolidation before another move upwards.
What I mean is, is it logical to sell near yellow and then buy after it breaks the yellow line?
thomasfar6
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@rsedaaghi, If it is near the yellow line it is probably going to break out so I would not advise selling at that point.
crypto_rse
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@thomasfar6, thanks man! Hope so :D ^_^ See you at the moon!
thomasfar6
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@rsedaaghi, Take alook now, accumulation point has been hit.
crypto_rse
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@thomasfar6, This is bad news I guess. I bought XVG about 1465 and another at 1680 sat hoping to go to the moon :)) Looks like I have to wait a bit longer. Anyways thanks for your analysis. I'm following your posts.