Verge (XVG) Consolidation (Important for Future Movement)
Verge (XVG) has been the target of a lot of buzz and volume, and as we approach New Years, the chart seems to reflect the uncertainty of the buyers and sellers. On a smaller scale, there is a visible symmetrical triangle, nearly perfect at each being 20 degrees, whose breakout will likely determine the path of Verge.
There is also a potential larger bearish pennant, yet this consolidation could very easily result in a rise should the news prove bullish enough over the next few days. Very likely, the movement from this triangle will likely be determined by the breakout of the former. I am uncertain on this pennant, but I do believe there is certainly consolidation occurring after this downtrend.
Should we break out from the smaller triangle, we could reach 0.0001395 BTC, and from there on 0.00001757 and onwards as the all-time high is tested - given the bullish sentiment around XVG, I would not be surprised if it shot much higher than 0.00001757. If we break down on the smaller triangle, we could head to 0.00000778 BTC, a good entry point if you wish to play within the triangle's movement, but be careful, because a break downwards could very much result in reaching 0.00000341 BTC, depending on how strong the resistance at 400 satoshis are - otherwise, we could very well end up along the low 300s.
Wherever Verge will go is not very clear to me, but there is certainly high movement coming for Verge. I would suggest monitoring and waiting for confirmation, perhaps around 0.0001260 BTC for the breakout or 0.0000850 for bearish movement. Very risky to hold without setting stop losses. Trade with care.
There is also a potential larger bearish pennant, yet this consolidation could very easily result in a rise should the news prove bullish enough over the next few days. Very likely, the movement from this triangle will likely be determined by the breakout of the former. I am uncertain on this pennant, but I do believe there is certainly consolidation occurring after this downtrend.
Should we break out from the smaller triangle, we could reach 0.0001395 BTC, and from there on 0.00001757 and onwards as the all-time high is tested - given the bullish sentiment around XVG, I would not be surprised if it shot much higher than 0.00001757. If we break down on the smaller triangle, we could head to 0.00000778 BTC, a good entry point if you wish to play within the triangle's movement, but be careful, because a break downwards could very much result in reaching 0.00000341 BTC, depending on how strong the resistance at 400 satoshis are - otherwise, we could very well end up along the low 300s.
Wherever Verge will go is not very clear to me, but there is certainly high movement coming for Verge. I would suggest monitoring and waiting for confirmation, perhaps around 0.0001260 BTC for the breakout or 0.0000850 for bearish movement. Very risky to hold without setting stop losses. Trade with care.
Kommentar:
Still consolidating in this smaller triangle... waiting and observing.
Trade geschlossen: Ziel wurde erreicht:
Little late on the update here, but the target was reached. Congrats to all who benefited from this trade!