BrendanCope
Long

Verge long term investment: Possible 675% gain

BITTREX:XVGBTC   Verge / Bitcoin
 After analyzing some swing trade possibilities with verge, I looked at verge as a long term investment. There is no doubt that an uptrend is coming but here are some targets to think about.

BUY ZONE:
Verge is in a descending wedge , a lot like a majority of coins right now thanks to bitcoin             . I used fibonacci retracement and found a similarity that could be an optimal buying zone. I estimate we will finish this wedge at 466 satoshi, right at the .786 fib level.

snapshot

SELL ZONES:
Fibonacci rule: We assume the fib extension will reach 1 to 1, with a possible to extend all the way to 1.618. This is where we can see a possibility of reaching a 675% gain. I will be laddering sell orders around the 1 to 1 fib extension to take profit, but will potential hold to see if verge makes an attempt to reach 1.618.

Let me know what you think
Comment:
snapshot

Update on Verge: Adjusting verge to our descending wedge, we can now see an optimal buying zone. Since this is a long term investment I would wait for confirmation of an uptrend. If you're looking at a return of over 500% waiting about 3% percent to insure an uptrend is well worth it! As of right now, I am targeting 600 Satoshi as my entry. More updates to come
hi friend, I dont know what pattern you used when price dropped down to point (1). Explain please friend !
Reply
BrendanCope PRO minhhoangmsbvn
@minhhoangmsbvn, As the price set a bottom for wave 1 it created a support. Then it is important to try and find the next lowest point of a downtrend to try and see any possible patterns (this could be on many different time frames). After I saw a descending wedge forming I used Elliot Wave principles. If you know Elliot Wave, you know there are going to be 5 waves to a pattern, and within each wave, 5 sub waves. There are different rules for Elliot Waves on uptrends, then there are rues within patterns but it is crazy how easy and accurate a lot of scenarios play out. If you don't use or don't know Elliot Wave analysis, I highly suggest taking some time to learn it. It's pretty easy but has many rules to learn. Philakone on youtube is a great one to watch!
Let me know if that answered your question.
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