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Verge - Breaking to the upside - Update on Long Opportunity

BITTREX:XVGUSD   Verge / Dollar (calculated by TradingView)
Following our previous analysis on this cryptocurrency (https://www.tradingview.com/chart/XVGUSD/PlZGVwxC-VERGE-Update-on-Potential-Buy-Opportunities/), we have seen a minor impulse to the upside - congratulations to all those who took the buy on our entry area and took profit.

This impulse was followed by it's own long and slow correction to the downside, which has ended and, as a matter of fact, the price is currently breaking out of the trend. Monitor closely for a small pullback on the 60min chart to enter the trade.

We believe that this trade might be short lived and just test the top of the previous small impulse to the upside on the 4hr timeframe, being in consequence part of a bigger structure for more downside. Nonetheless, a buy opportunity worth taking, with a minimum expected target in the 0.1444 area.

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.
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