mistahtom

XVG - Last few days before the major announcement!

BITTREX:XVGBTC   Verge / Bitcoin
As the title states, we have a couple of days left before the big announcement. The market seems to be trending towards the bullish side with the start of ALT rising, followed by bitcoin with the last few hours. This will definitely push XVG's prices up alot more prior to the major announcement. XVG has been consolidating within the price range of 1100-1300 sats . The sell pressure is decreasing with each passing hour, and is even stablized against BTC's rise (although it did dip during BTC's rise but it was able to almost completely recover back to 1,200 sats range.

Moving on the graph, XVG has retraced roughly 50% just like it did in most of its previous runup. This is why I do believe that it is nearing its completion of the sell off phase from this runup. We might see it move sideway for a day or so before it takes off. RSI has retraced from overbought and is currently hoovering at mid 50%. The rejection at the low 1000 sats indicates that there are still more buyers vs sellers. and that verge is not done with its runup just yet. ALthough the time frame that I am looking at is showing bearish divergence on the MACD , the lower time frames (15mins,30mins,1hr, etc) are all starting to show bullish divergence . MACD is a delayed indicator so the bullish divergence would take some time before moving onward to the higher time frames. Anyways, my first TP is roughly within the 1700sats range. I do believe that we will blow right through this given how bullish Verge has been from the announcement hype + the early bull market reversal that most ALT + BTC are showing. My second TP is roughly 2300 sats .

This is not investment advice, this is just my take on Verge's chart. Happy investing all!
Comment:

XVG is trending towards the first support line (indicated by the white lines). It has bounced off this support line numerous time as you can see on the graph. The question is will this bounce be the continuation of verge's runup or will it just allow verge to bounce just enough to continue moving sideway in preparation for the next leg up. I will be keep a close eye on verge's movement especially since the announcement is just around the corner.

Happy investing all.
Comment:

Seems like the bounce was a continuation of verge's sideway movement which was one of the two scenarios that I thought could have played out. The continuation of the sideway movement is nearing its completion with the ABCDE setup. If the support line still stands valid as point E is being form/formed then we should see a bounce up.

On a side note, there is a rumor that is going around indicating that Verge maybe partnering with FlipMart (https://twitter.com/hashtag/BigOnFlipkar...) since they are also having an announcement on the 17th of April. Like I said this is just a rumor so take it with a grain of salt.
Comment:

Seems like we were able to bounce off the support line at point E, although we did breach the support line. But all that matters is that the body closes above and that the following candle would be closing above the support line also. This is on the 1hr time frame. Like I just mentioned, we would need a green candle to close above the support line to further indicate that the support held. As I am typing this, verge is attempting to break out of the upper limits of the flag! Anyways, happy investing all.
Comment:

This did not go as expected despite verge pushing out of the upper flag limit multiple times as seen by the multiple candle wicks extending beyond the line. There has been FUD going around claiming that XVG's developer is selling the donated verge for ledgar payment etc. As said, rumor will be rumor. Regardless, the ABCDE correction didnt go as but the support line held up and it seems like we are bouncing right off it fine. There are still 3 days left till the announcement so I am still expecting another leg up.
Thank you for your comprehensive TA! My EW count shows the last peak to be the 5th of the 5th of the major one. Which would mean a retrace on the entire swing from 300 sats. I've got buy order set around 800. Although I agree it really gives the feeling it's consolidating at the moment, so perhaps I need to throw EW rules out of the window!
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mistahtom espenespen
@espenespen, valid point but I think it depends on where you set ur starting and ending for the first impulse wave. I set it at rouhgly 300-->700sats cuz I was able to definitively count 5 waves in between. I didnt bother with breaking down each waves cuz Im sure you can do that but this is just a rough sketch of how I was counting each wave. That being said, wave 4 just finished and wave 5 is starting up now (just in time for the announcement).

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Nice but where are getting these TP figures from?
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@stevecq, I'm using fibonacci sequence to estimate potential target prices
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