A_Cryptastic_Mind

XVG on a rampage - where are the stop losses?

BITTREX:XVGBTC   Verge / Bitcoin
Verge has been on a rampage the last couple of days, exploding in price with strong momentum. The strongest catalyst being the knowledge of a pending announcement of a very big partnership (announcement planned for April 17th). It is supposed to be an exclusive partnership with a lot of impact. Hence, we have ourselves an anticipatory price movement.

First of all, prepare yourself for the typical buy the rumour, sell the news phenomenon. Make sure you have your stop losses set. The 17th of April might be a logic timing for the handle to start forming.



We are currently closing in on the 38,2% retracement level (low to high) or 61,8% if we look at the high to low Fibonacci retracement lines. You can see these levels acting as resistance for the moment. Can we still break through those? I think that is still quite plausible, but the 17th of April will be an exciting day and you'll better put some stop losses during the waves up (put them close to the Fibonaccis.)

So for some logical, for some less experienced maybe not, but do put those stop losses or at least be aware.

The other two fun learnings are how this price movement might be mirrored soon by ICX and Cardano.

ICX will be announcing i) an Initial Coin Offering platform & ii) IISS launch (by April 30th), so this graph might be moving like Verge's but with a two weeks delay?

"ICX to follow Verge's (XVG) momentum? (500% + potential)"


Similarly, Cardano has some announcements coming up by end of April, beginning of May: i) launch testnet; ii) roadmap update.
"Cardano to follow suit on the Verge (XVG) breakout? - 500% + potential"


Conclusion:
XVG momentum is still positive (see upward MACD , no sign yet of any cross), price seems to continue going. We have a by the rumour sell the news event the 17th of April coming closer - this might trigger a profit-taking sell-of. So stop losses should be made accordingly.

Moreover, ICX and Cardano seem to be moving with approximately two weeks in delay in terms of graph movement. Seems like something at least interesting enough to have a look at, don't you think?

Comment: Important - these are the Fibonacci levels (e.g. for placing your targets or your stop losses):

Comment: As I said guys, people will be taking profits right before / after - in any case around - the partnership news on 17/04. We are already seeing this since the weekend, and you can see that it is a first correction to the first underneath Fibonacci level:



Like I mentioned in the post, I hope you placed some good stop loss orders around those very Fibonacci levels (0,618 and 0,5 at least) for decent profit taking.

You can also see that the indicators under the chart aren't very bullish for the moment, pressure is downward now.



It's not straightforward to predict what will happen with the price next, it will likely remain flattish to negative unless the announcement is big. That means we can test lower Fibos as well. Good luck.
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