On the daily we see a bullish pennant that should break out at the end of the squeeze if not earlier. MACD looking to make a bullish crossover high above the zero line. RSI is healthy with plenty of room to run. Currently trying to close above the 38.2 fib at 1222. A close above this key fib level is a healthy sign that an asset will make moves towards previous highs. Therefore, keep a close eye on this level as the daily closes in order to get a better grasp at XVG’s trajectory. The Tenkan is also trending upwards which leads me to believe momentum is building after all the FUD from Wraith’s unfortunate botched release. The recent and planned partnerships in the works alongside the Forbes interview and press releases (via medium etc) should stoke the verge fires for another run. NOTE: Still a LTH for me.
On the hourly we see that price action banged its head against the top of the kumo (1285ish) for quite some time as it was unable to break out. Fortunately, the storm has passed and price action is no longer bound by the immediate kumo. HOWEVER, that flat top of the kumo now serves as primary resistance for price action to rally to new highs. A candle close ABOVE this level is necessary now to initiate the breakout. Looking at the ichi indicators we see that a bullish kumo twist has occurred (most likely due to partnership announcements). TK is in a consolidation phase trying to hold above the key levels outlined from the daily. The Chikou span has just emerged out of the cloud which is a green light for the entries I am about to outline. We see a golden cross of the 50 & 200 EMA occurred today, a healthy RSI with plenty of wiggle room, and a bullish MACD crossover far above the zero line indicating newfound momentum.
The 4 hour briefly attempted to breakout of the kumo but failed to do so. MACD just recently crossed the zero line which could mean the next run is imminent (24 hours). RSI healthy while the TK C-clamp on the kumo furthers my bullish sentiment that a breakout is upon us. (For those unfamiliar – a TK C-clamp is where the Tenkan and Kijun are very spread out from one another essentially forming a “C” shape. This usually indicates imbalance in the assets price from equilibrium and signals that a return to the mean or above/below is a highly probable event. Based on the 4 hour, a close above 1300 is necessary for the rally to begin.
The 6 hour paints a similar story however price action is currently above the kumo so the next candle close (including the 4 hour) will help indicate whether or not the rally will continue (my hunch is that it will). Brief recap – TK C-clamp, MACD crossing zero line, RSI healthy. One thing to note is that price action has done well to adhere to the flat bottom of the kumo (support) around 1015 satoshi. Moving forward this will become a key level for bids in the event of a sell off/FUD/etc.
Optimal Entry: 1111 (flat kumo resistance turned support)
Likely Range: 1111 – 1183 (61.8 Fib)
Optimal Profit: 2.5k+
Interim Targets: 1500, 1667, 1940, 2160, 2380
Stop/Loss: 975 (short term traders) OR 650 (same as previous LTH TA)
Thank You
Trade on Binance. Where the fees are only 0.05%.
If this blog post has entertained or helped you to profit, please follow, upvote, resteem and/or consider buying me a beer:
Great read! Encouraging for XVG holders :D
Yeah bro. Are you a HODLER?
This is great news! I think verge is a great long term hold....do you think the same?
Yeap, I think it is. Currently FUD-sters are winning. So always remember; steady hands.