ntaylor360

XVG - Pump, then Dump!

BINANCE:XVGBTC   Verge / Bitcoin
This is an updated version of my previous chart for Verge. The .786 Fib Retracement line along with the long term upward trend line suggests where this price is expected to land. I do not expect price to go above the current highs and will slowly retrace back down to these levels.
Quick update on this chart - on May 28th, looks like XVG fully breached the black uptrend line and has continued to move downwards. We're now resting on the horizontal line of support from March 20th. This is the next critical point that must hold. If we breach this line then we're headed a lot farther down.
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It was announced today that Verge was hacked (AGAIN!), so I'm expecting us to see price move farther south and reach my target of the .786 Fib retracement line.. From there we'll have to see if it can hold or it breaks down and falls below the wedge. Stay tuned...

https://bitcointalk.org/index.php?topic=3256693.msg38135174#msg38135174
https://www.reddit.com/r/CryptoCurrency/comments/8l8dsm/verge_xvg_getting_exploited_again_with_the_same/
https://whalereports.com/verge-hacked/
https://thenextweb.com/hardfork/2018/05/22/hackers-verge-blockchain-steal-1-7m/
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Just checking in on this chart, looks like we are still on track to come back down to the .786 Fib Retracement (589 sats). Once we hit that level we'll look to see if XVG can hold the upward trend line - that will be the true test.
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I haven't checked this chart in a couple days but after seeing some VERGE holders on twitter trying to desperately pump this today I decided to take another look at the chart.

As of now, looks like we're on track with the price action I predicted. I expect that our downward trend will cool off at the .618 fib retracement line for a bit before we eventually break through and continue down to my target.
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The most hold line of support for XVG is 0.00000924. If we break that level it's a big drop down.
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Looking at the 4 hour chart, we have 30 minutes left to complete our current candle. You'll notice that it is forming a gravestone (bearish) candle indicating more downside from the current price.
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You will also notice that we are not "skyrocketing" in price after the announcement. All of the bullish price movement happened prior to the announcement. This is a big red flag that we've already hit the high and people are now starting to sell it off.
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