matthewmorganjoh

XVG Continues To Struggle

BINANCE:XVGBTC   Verge / Bitcoin
XVG Is continuing to struggle right now. I still believe the first wave was a definite impulse wave up - RSI resistance was broken, EMA resistance was broken, the volume was immense, and it has been trading too technically for it to not be an impulse wave. However, that doesn't mean impulse waves can't fail. Which may be what we are seeing here. I guess I should have seen this coming. There are very very few alts that will keep pace with Bitcoin             during its bull run.

I have attempted count on count for XVG and it just seems like it can't make an impulse wave up again. Not even a subwave up like on the 15 minute chart! We get a spike in volume , go to correct, and get 0 bounces. I guess "Technically" we still haven't retraced 100%, so this is not a failed wave yet, BUT Verge is in a pretty ugly channel right now. You could argue it's got a little sideways action going right now, which isn't a bad thing. But sideways action can only go on for so long until there's just a steady drop in price or a massive move up.

All hope is not lost, but there are a lot of odds stacked against XVG. If you do enter a trade, make sure to enter on confirmation! For me that would be closing above 700 sats             on a high time frame, and having RSI Support + EMA Support.

Good luck out there!
597 sat
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