So I've been following the verge drama since the McAfee tweets. I've been keeping up on the news, I've been following the tweets between XVGwhale, Verge themselves and everyone inbetween. Ive been on both sides of the fence, I've been a FOMO'er a FUDDER, Ive bought Ive sold, Ive HEDL'd (past tense of HODL?) and traded, And through all of this I started making some calls- Good calls. And I wanted to share my next one with you because I truly believe this is how it will play out. I predicted the change in resistance and even made some %'s on the way down.
I called it the pennant within a pennant. This is the sliding door of altcoins - the schroedingers cat. Its both dead and alive,its music and its silence. Its love and its hate. I have never come across a coin with so rich a tapestry woven behind it. Its been a hell of a ride.
So without further ado, my analysis..
Verge's price action has been consolidating since the twitter drama, it is about to break out of its pennant. From here it will drive upwards and test the 1380-1450 range on the top 'Daddy line' of resistance. From here it will bounce back down (unless mondays upcoming news is monumental and it turns out JustinVendetta is Satoshi himself and Verge is the real bitcoin and has been all along) and find support at one of 2 levels. 1. The new line of resistance surging up (ho line), 2. The old line of resistance trailling at the back (daddy line).
This is where the party splits, we enter the matrix, multiverse theory.
The price action surges up off the ho line to previous resistance of 1700 sats, where it either bursts through like the alien chestburster scene (unlikely but possible), or rebounds off and finds support on the previous Daddy resistance line.
Or it pushes through the ho line to whence it came and finds support on the daddy support line and finishes off the original pendant before breaking out.
The more positive outcomes from this story are more likely in my opinion as it is on new support and theres is news coming out tomorrow..
Regarding the chart I have labelled it as best I can and changed colour every time the story turns.
These 2 stories could also give birth to a baby story, that has properties from both scenarios...
....a transverging story if you will
Kommentar
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And so it appears that upon the overdue release of the wraith news, we get a similar overdue and characteristically lazy break out of the pennant.
Price action burst up and out of the 1450 mark that I had predicted, only to dribble back down the daddy resistance line.. and after the coinbase-asia news fall back into the old pennant.
Will it break back up? Well theres a multitude of factors at play here... People have been let down massively by verge. I am big believer in the technology but have sold my position due to the immaturity of the team and that pyjama wearing redneck..This has taken away massively from the WP release.. however many exchanges are not allowing new money into the market as they are not accepting news users, and Big stock exchange money is coming soon...
Will the flood gates open? Yes.
Will markets (Water level) go up? Yes... all of them. Even verge.
Will we have an Ark to sail our two of every animal through the stormy waters.. You'd better hope so.This will be a big, if not bigger year for crypto.. So hang onto your hats folks, because this Fud-Fomo story aint over yet
@syamantak95, Well we got a minor breakout anyway.
I dont feel it is the breakout I was looking for yet
syamantak95
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@JamesMacLiam, Yup, but if anything, this does give me hope of a proper breakout. There might be some good news, maybe today or in a day or 2.
Let's see after.
It' has good support, so cant say we'd be losing much here. But hopefully, it breaks soon. Upwards. Obviously.
cesarag
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Cryptomoedas are not so simple to analyze through a graph.
TheViolentSushi
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i've been seeing the same thing. everytime it seems to reach the end of a pennant it kinda sluggishly form another one w/o building critical momentum but it doesn't quite adhere to a bigger pennant shape. SC did something similar too until last night.
espenespen
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LOVE your TA. BRILLIANT piece of literature!
Thank you for your efforts, kind Sir, and thank you for making my day of reading complete nonsense end with some Non-Nonsense.
I agree with your more positive of two scenarios. I too have been through similar tried and ruthlessly tested experiences...
Here's to making hay, before they turn the lights out.