Ah Verge, who remembers the FUD on this coin back when it was in that symmetrical triangle?
I had predicted the drop to the ~400 area, based on the prior Bullish wave 2 back in December becoming a strong support zone.
My opinion is that every single Alt Coin should not be HODL'ed during a Bitcoin Bear market. If you are still holding your coins since december, (4 months back) you would still be down 30-40% today, instead of being able to buy back in at the 400 area and ride this bounce potentially Doubling your amount. Technical Analysis is not a joke and if you are in this space for the long term, It will help you accumulate a lot more.
Keep in mind Bitcoin is looking really weak right now, and this month will change a lot of perma bulls opinions. XVG is a great project but be careful once the announcements are finished. The whole crypto space is bearish until we have cleared the previous ATH~ both for Bitcoin and every other great/scam coin project. :)
I hope the chart is easy to read.
I am not here to FUD, just to critically analyse the situation we are currently in and provide possible/likely scenarios. I am a trader after all~
I had predicted the drop to the ~400 area, based on the prior Bullish wave 2 back in December becoming a strong support zone.
My opinion is that every single Alt Coin should not be HODL'ed during a Bitcoin Bear market. If you are still holding your coins since december, (4 months back) you would still be down 30-40% today, instead of being able to buy back in at the 400 area and ride this bounce potentially Doubling your amount. Technical Analysis is not a joke and if you are in this space for the long term, It will help you accumulate a lot more.
Keep in mind Bitcoin is looking really weak right now, and this month will change a lot of perma bulls opinions. XVG is a great project but be careful once the announcements are finished. The whole crypto space is bearish until we have cleared the previous ATH~ both for Bitcoin and every other great/scam coin project. :)
I hope the chart is easy to read.
I am not here to FUD, just to critically analyse the situation we are currently in and provide possible/likely scenarios. I am a trader after all~
Trade active:
just hit the 50% fib level, will we coincide with Bitcoin breaching to 7.2k+ or will we form a failed wave and create the X to new lows a long with bitcoin? fun times
Trade closed: target reached:
And the X is in Hahahahaha :)
Comment:
Could just be a major correction, although a sell off to a "major announcement" general creates a wave failure... I didn't even know verge was partnering with anyone before I made this chart, Elliot Waves guys, read your ass off in this theory and it will pay off greatly!.~~~~