XVG Analysis by Request - Don't panic! There's time... to exit!

BITTREX:XVGBTC   Verge / Bitcoin
920 0
Got a request for XVG analysis, and here is what I think...

First of all, this coin has already had a significant increase in price. It close to its old highs

It may very well have completed a 12345 Elliot wave , identified in blue. This would suggest an ABC correction to follow. We have not made a double top either, which could be a likely scenario, and a good exit.

Current price action will become more clear if / when price revisits the recent high. Then we will get a better picture of our next move. I took the liberty of drawing out a few possible scenarios. I believe the most likely is the scenario is a a failed retest of the high ( double top ), and then a correction to a certain fib level, most likely in the ABC format.

If you are still HODLing verge, I would set a stop loss a percent below the blue support, and wait for a better exit.

Honestly, even if this coin does have a little more to go (I identified a price target by the horizontal support, around 1600 sats ), is it really worth it? Try and figure out your Risk / Reward ratio, which is the total potential risk to the total potential gain. Is it 1:3 or greater? I can tell you that there are numerous coins with a great Risk / Reward ratio. But then again, this all depends on how high you believe XVG can go near-term.

Do what you will, but personally I would try and look for a coin with more upwards potential, Verge already moved a lot. If you bought now, it is very possible you would be "buying the high", only to find yourself "selling the low" later.

We'll see how it plays out.
Happy trading! :)
Comment: Also, know that my arrows showing possible scenarios aren't made to follow the time at the bottom very well. Just over a reasonable period of time, that is where the trend should be. Price may very well follow orange's trajectory initially, only to fall into the Blue's correction path. Each time a support breaks, prepare to go down to the next one. This can happen to any support level if there's enough sell pressure, so best to keep a close eye.
Comment: The support around 945 sats is the level to watch right now. If we continue the trend and test it, it will give us a clue if price will rally higher or break low.

If we don't test the support, wait until we test the resistance
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