After publishing a long term chart for DASH using ElliottWave analysis, here's my take on another (not as well known) privacy coin - Verge.
I won't be talking about the coin itself and its features, but about the price pattern that I am seeing applying EW for what could become one of the most price-breaking coins in the coming years.
We're currently in the middle of an extended wave (iii) within a larger wave 3 that should take it to the 1.618 log fib extension of $66 in 2019, with a first stop at $5 in 2018 potentially extending to the $14 fib. In the short term, we could still see the current price movement correct down to $0.05-$0.10 in an ABC wave if $0.12 is broken.
While the fibonacci levels shown in this chart may seem unrealistic due to the extremely high market cap that Verge would attain (is there any such thing as unrealistic in the crypto space anyway?), please bear in mind that the market cap means little as price is driven by volume and the number of traded coins (rather than total coins). At the end of the day, price is driven by sentiment and a solid privacy coin such as Verge is well positioned to attract lots of private investors and later on institutional investors as they follow the frenzy driven by the former.
@Eboard10, Sorry for the stupid question. Tell me, please, how to use the log scale fib on the graph? Counts from the price, not from the pixels, so I can't normaly use the fib. I searched the Internet, and I didn't find anything sensible, I also didn't find the tick of the logarithmic scaling in fib settings. Help please ><
How you actually predicted this? Could you please explain or refer a link as I am new to understand and development of these charts?
Eboard10
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@rahulverma910, Check out "The Basics of Fibonacci Pinball" by Avi Gilburt. It's a good start to understanding the basics of ElliottWave analysis. The website has a lot of information and videos about it. The only difference when applying this method to cryptos is that logarithmic extensions are used, making the targets exponentially higher than they would be with standard stocks.
PSekula
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@Eboard10, Why are logarithmic charts used instead?