Verge (XVGBTC) is forming a descending triangle, easily visible on the above chart... Is the retrace over?
Notice the bottom part of the triangle, we can see higher lows being hit... By looking at the upper side, we can lower highs...
Volume is decreasing overall but there is an increase in bullish volume... Here is what happens next!
Verge (XVGBTC) Potential Paths & Scenarios
1) If the support at 40 satoshis holds and EMA10 (42 satoshis) can be broken, we can expect XVGBTC to move higher and touch the green trendline. If this trendline is broken we go much higher.
2) If by any chance the 40 satoshis support can't hold, 38 satoshis will be revisited or a new low. The new low is the less likely scenario right now.
All the details are shared on the chart. We are bullish on Verge (XVGBTC).
Thanks a lot for reading.
Namaste.
Comment
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The same analysis is valid, the chart remains the same.
There is really good bullish potential here if the upper trendline can be broken... That is what is going to happen next.