heiders

VERGE on the move again

Short
BITTREX:XVGBTC   Verge / Bitcoin
Verge has seen two major pumps in the past, which were relatively quick pumps (around 1.5 weeks) followed by quite long retracements (around 2.5 months). Verge has found the way up again, and is showing the same quick move upwards. Looking at the chart, I think the target will be somewhere around 150 satoshi before we see a long retracement again. So I think we might have a few more days of upwards momevement before we go down again.

The major, quick spikes coupled with the long retracements do feel like a more gradual pump and dump scheme than real pump and dump coins, but anyway this does not really suit my style of trading. Although I guess you could make some quick profits here, I think I will stay out of it for now.
Comment: Verge has seen a major pump, much further than I anticipated. I'm not sure if any of this is backed by fundmental news, but a lot of money could have been made in this trade. We are starting to see some bearish divergence at this point. This might indicate the start of a bigger correction.
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