VERGE - 4hr Timeframe - Update on Buy Opportunities
Similarly to where the Ripple (
XRPUSD
) was a while ago, BITTREX:XVGUSD is in a triangle structure ready to take off for more upside. Estimated target in the 0.42 area.
From this moment on therefore, we will be looking for buy setups, on this cryptocurrency, around the lower trend line of the aforementioned triangle. For a more conservative approach, wait for a first impulse to the upside, wait for a small correction of said impulse on the 60min timeframe, and buy the break of said correction with a stop loss beneath it. However, we must also remember that Cryptocurrencies have proved to move too fast, at times, for conservative trading methods. Pattern is invalidated if price breaks out of the lower trend line of the triangle to the downside
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.
XRPUSD
) was a while ago, BITTREX:XVGUSD is in a triangle structure ready to take off for more upside. Estimated target in the 0.42 area. From this moment on therefore, we will be looking for buy setups, on this cryptocurrency, around the lower trend line of the aforementioned triangle. For a more conservative approach, wait for a first impulse to the upside, wait for a small correction of said impulse on the 60min timeframe, and buy the break of said correction with a stop loss beneath it. However, we must also remember that Cryptocurrencies have proved to move too fast, at times, for conservative trading methods. Pattern is invalidated if price breaks out of the lower trend line of the triangle to the downside
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.
Comment:
Broke out of the triangle to the upside and seems like it is making a flag, on the 4hr timeframe:
