1. Bitcoin doesn't do any crazy moves.
2. The Verge team screwed up the chart with the overhyped announcement of the partnership with Pornhub. Some people may have lost their believe in XVG.
3. The spike around the date of the announcement doesn't count.
4. The Fans of Verge are strong hodlers.
We're looking at the 4h chart, the yellow is drawn on the daily in log scale and has a lot of touches, so I'm pretty confident with this trend. There are 2 support lines, that form a nice descending triangle with the yellow line. The first (white) is at around 630-640 and seems to be the recent low. But the is not oversold, so we could see a drop below this line if there is a another rejection off the yellow line or if Bitcoin crashes. So the more important support line to watch is the red line at around 615. This one acted as support for a long time during February and aligns perfectly with the 200-day MA. If we break below this support, I expect a big drop. Maybe down to the 500s-area. But I think a breakout is more likely since Verge often bounces up strong from descending triangles. A scenario like on February 15 with a huge engolfing candle after a temporary break below the support line is possible as well. For profits I'm aiming for the 720-750 range, not sure how strong the momentum can be at the moment. We will see what happens first within the next hours! :-)
Buy Zone: 650-620
Sell at T1: ~15% profit
What do you guys think about this idea?
Partnership with Pornhub: https://www.forbes.com/sites/curtissilver/2018/04/17/pornhub-partners-with-verge-cryptocurrency-shifting-the-future-of-porn-payments/#426c0b7d24b5
None of this is financial advice, of cause. I am just drawing fancy looking lines on my screen.