After some classic buy the rumour sell the news action, Verge is in a free fall right now.
Look at the bearish Div on RSI and Stoch, the double death cross on the 4h and the extended 5th Wave which usally indicates that the retracement will be very deep.
I am not saying that we might have a bounce here and there but the bottom should be around 480-600 Sats where we can expect a rally to around 1100 Sats. Also keep an eye on the RSI where Verge bottomed out before rallies.
Up at ~1100 Stats Verge will need to break the Wedge resistance. If it breaks this would be uber bullish and kinda confirms a 3th Wave on the grand cycle. Still I think a consolidation inside the big wedge is more likely before XVG is able to rise to higher highs.
Cheers,
Barren
Look at the bearish Div on RSI and Stoch, the double death cross on the 4h and the extended 5th Wave which usally indicates that the retracement will be very deep.
I am not saying that we might have a bounce here and there but the bottom should be around 480-600 Sats where we can expect a rally to around 1100 Sats. Also keep an eye on the RSI where Verge bottomed out before rallies.
Up at ~1100 Stats Verge will need to break the Wedge resistance. If it breaks this would be uber bullish and kinda confirms a 3th Wave on the grand cycle. Still I think a consolidation inside the big wedge is more likely before XVG is able to rise to higher highs.
Cheers,
Barren
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Buy zone reached
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Dont forget to set stop loss due to hack FUD