Verge (XVG) Bounces off support (17% Breakout Potential)
Hey everyone, as you guys know, the last XVG trade hit my sell stop at 743 and I ended up selling all of it around there. I was still keeping an eye out for XVG, and we now have another opportunity for it to break to the upside.
Trade Signals:
-XVG forming what appears to be an ascending triangle, since it appeared to touch the horizontal line twice on the 30-minute chart.
-RSI holding around 40, sign of bullishness for XVG
-Reached 640 and quickly bounced back up, meaning we still have traders waiting on the sidelines to buy XVG back up.
-It is still altcoin season, so the triangle has a good chance of breaking up
How to trade
If BTC price increases or is stable, this trade can be entered.
Buy in:
Around 740-760 satoshis (Riskier)
During the breakout, around 770-800 satoshi's (safer)
Sell points:
840-850 satoshis
890-900 satoshis (entry+vertical length of the triangle)
Stop loss (If you decide to use one)
- 640-650 satoshis
*I recommend setting a stop loss because XVG is a fast mover. A stop loss can free up your bitcoins for buying the market dips so when the market recovers, you end up with more BTC than if you held the coin. That is only the case if the entire market drops, which is pretty much what happens right now since we lack fiat to altcoin pairs.
Thanks for reading. Good luck on this trade! If you have any concerns or comments, please leave them in the description. It's one way I get better.
Trade Signals:
-XVG forming what appears to be an ascending triangle, since it appeared to touch the horizontal line twice on the 30-minute chart.
-RSI holding around 40, sign of bullishness for XVG
-Reached 640 and quickly bounced back up, meaning we still have traders waiting on the sidelines to buy XVG back up.
-It is still altcoin season, so the triangle has a good chance of breaking up
How to trade
If BTC price increases or is stable, this trade can be entered.
Buy in:
Around 740-760 satoshis (Riskier)
During the breakout, around 770-800 satoshi's (safer)
Sell points:
840-850 satoshis
890-900 satoshis (entry+vertical length of the triangle)
Stop loss (If you decide to use one)
- 640-650 satoshis
*I recommend setting a stop loss because XVG is a fast mover. A stop loss can free up your bitcoins for buying the market dips so when the market recovers, you end up with more BTC than if you held the coin. That is only the case if the entire market drops, which is pretty much what happens right now since we lack fiat to altcoin pairs.
Thanks for reading. Good luck on this trade! If you have any concerns or comments, please leave them in the description. It's one way I get better.
Comment:
Sorry guys, I should have removed the Ichimoku Cloud since it clutters up the charts.
Comment:
We were unable to break out of 810 resistance and went back down under 800 sats. Not looking very good so far.
Comment:
Verge moving up again. Huge buying volume right now.
Trade closed: target reached:
We reached out target. I don't know if the move up was organic or due to some influence.
