D4rkEnergYs followers on Twitter has requested his take on Verge! And you guys know how it works. D4rkEnergY is here for you guys. D4 is here to serve you. He is here to make you happy, and to spread love and wisdom! <3
Let's jump right into it! We are here taking a look at the 1D XVGBTC Chart! You can see, we had our 1-5 back in December, when we had the golden month of cryptos. Hereafter we have had a steady downward movement with a on more than 80 % March the 7th ( green arrow).
We are in a serious downtrend with the EMA50 and EMA100 way over us. We are currently in a descending , and are at this very moment trying to penetrate the resistance line.
I want to you to take notice of the red circles. Verge tends to make a spike after a big fall or after a period of less and declining . D4 has also compared this chart to the BTCUSD Chart, and have come to the conclusion, that Verge makes these spikes if BTC either goes sideways or up.
So here is D4s advice for you guys:
1. Be patient. Wait and see if Verge manage to break out with good . Wait for the MACD-cross, and you can enter a long position. You can probably make a 10-15 % on this trade. Remember to monitor the BTCUSD chart. If BTC starts to crash, you want to get out.
2. If you don't daytrade, and just want to invest in Verge and want to HODL, the green box might be a good buy zone for you. D4 has determined this based on earlier price action. We expect BTC soon to go lower, and therefore Verge will do the same.
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We have a chance to break out from the descending wedge. If we do, you have the an opportunity to make some money on this trade. We might make one the famous spikes, Verge tend to do after a time of less volume and less volatility.
But as you can see, we are also trapped in a HS pattern, which can take us even lower.
If that will be the case, the green box is still your buy zone for now!
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