Following our previous analyses on Verge (www.tradingview.com/...on-Long-Opportunity/) we have seen that this cryptocurrency broke the downtrend of it's downward consolidation, to the upside.
Congratulation to all those who were monitoring the trend and managed to get into the buy.
Upon a closer inspection we believe however, that there are two possible scenarios that could both play out on the daily and 4hr timeframes. Since at this moment it is not yet possible to know which one will exclude the other, we warmly recommend all traders to monitor price action closely.
More in detail, after the break of the downtrend, the price had a small although impulsive movement to the upside. If this movement is followed by a small 60min correction to the downside (flag type correction or small flat, which seems to be making at the moment), this will signal that the bigger corrective structure has already ended at (c), and BITTREX:XVGUSD is resuming it's uptrend.
If, instead, BITTREX:XVGUSD reverses to the downside, it will go for one more down and will be breaking (c), before resuming the uptrend. Although less probable this scenario could still be possible, which is why we recommend all traders who are in long positions from the break to put them into break even.
In relation to cryptocurrencies, let us remind all traders that any attempt of forecasting based on wave and structural analysis has to be taken in a very conservative manner, as these financial instruments could not have been traded in the markets for a long enough time to consolidate their structure and make a valid projection possible.
If you feel that our analyses and views may be a useful complement to your trading strategies and in order to be notified in real time with our updates on the lower timeframes, please remember to click on the Follow button.
Remember that you can double check the bigger structures that are at play are on the weekly and daily time frames also by scrolling around the charts in the lower 4hr and 60min timeframes (right and left, up and down).
Trade with care and only with a backtested strategy that has proven to work in relation to your invested capital, risk appetite and potential small losses you might incur in before profiting from a good trade.
Thank you for viewing.
Congratulation to all those who were monitoring the trend and managed to get into the buy.
Upon a closer inspection we believe however, that there are two possible scenarios that could both play out on the daily and 4hr timeframes. Since at this moment it is not yet possible to know which one will exclude the other, we warmly recommend all traders to monitor price action closely.
More in detail, after the break of the downtrend, the price had a small although impulsive movement to the upside. If this movement is followed by a small 60min correction to the downside (flag type correction or small flat, which seems to be making at the moment), this will signal that the bigger corrective structure has already ended at (c), and BITTREX:XVGUSD is resuming it's uptrend.
If, instead, BITTREX:XVGUSD reverses to the downside, it will go for one more down and will be breaking (c), before resuming the uptrend. Although less probable this scenario could still be possible, which is why we recommend all traders who are in long positions from the break to put them into break even.
In relation to cryptocurrencies, let us remind all traders that any attempt of forecasting based on wave and structural analysis has to be taken in a very conservative manner, as these financial instruments could not have been traded in the markets for a long enough time to consolidate their structure and make a valid projection possible.
If you feel that our analyses and views may be a useful complement to your trading strategies and in order to be notified in real time with our updates on the lower timeframes, please remember to click on the Follow button.
Remember that you can double check the bigger structures that are at play are on the weekly and daily time frames also by scrolling around the charts in the lower 4hr and 60min timeframes (right and left, up and down).
Trade with care and only with a backtested strategy that has proven to work in relation to your invested capital, risk appetite and potential small losses you might incur in before profiting from a good trade.
Thank you for viewing.