Broadening Descending Wedge and Bull Flag Appear on XVGBTC

BITTREX:XVGBTC   Verge / Bitcoin
669 7
Please refer to my previous chart for the chart with just the broadening descending wedge , which did indeed make a bullish breakout and is charging towards my price target.

Now, I see a bull flag forming on XVG, and we're awaiting a breakout.
that breakout will only happen if the global market cap recovers after this 50% dump from 835b to 417b , so until market recovers and south korea regulations get implemented on 20 january, charts are preatty much a no go because they only work in a stable market and not in one like we have at this moment where total market cap loses and gains billions in minutes.
+1 Reply
@vitaminas, While I agree that news driven events are impossible to chart, I do not agree with anyone who tells me (and I am often told) that TA or charting "doesn't work for crypto man!" or "doesn't work now man!"

I can't prove to you that it works.

I can tell you that I don't just do a charting based analysis, you can watch my youtube videos (same name) for my in-depth looks. For example, I called out Bitconnect as a scam and I talked extensively about regulatory risks.

Charts do not "just work in a stable market." I stated in very clearly, ver batim, without any knowledge of news driven events "if BTC falls below $12650 it will be a bloodbath," and, sure enough, I was proven correct.

The charts' first and foremost task is to figure out areas of support and resistance! I am tired but you have a good synopsis here of why I disagree with your assertion.
vitaminas ReeceRingnald
@ReeceRingnald, Hey bud i am a trader myself and i spend my entire day charting and helping discord community, i also get that alot from the plebs that have no idea that charts are basically human behavior and market sentiment, therefor they work in any sort of trading rather is stocks/ crypto or potatos the only diference is that crypto market moves way faster than forex so there for is also more volatile and dangerous but gives you also better gains. What i am trying to say is that currently there is a global correction and that has nothing to do with a specific coin. verge was doing great inside a 3 weeks pennant waiting to breakout until we get this blood bath and in order to get a proper idea of where we going the market needs to get stable so we can get a a organic grown and proper chart vision.
Nice and Descriptive analysis. Thanks!
i brought at 1500 satoshi
should i sell at 1200 and buy at lower
or hold

I am not your financial adviser.

Do not over-trade.

A price target is not "price will touch this number and then rocket down again," it's just a guess that at some point in the near future, price will at least TOUCH that number, even if only to go 5x higher.

In my opinion - again - my opinion and bias - all cryptocurrencies will retrace between 20-35% of their losses in the next 5-7 days. Do with that what you will. I think market cap will touch $700bn again very soon, but I don't know what will happen after that.

Watch the news on South Korea.
firefox_pc ReeceRingnald
@ReeceRingnald, thank you, im holding
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