In July Verge broke below the uptrend trendline and since then it has been consistently moving lower and lost 66% to Bitcoin while falling from 113 satoshi down to 44 satoshi.
Fibonacci applied to the corrective wave up after the trendline breakout, which is the same wave where 200 Moving Average has been rejected, shows that 327.2% retracement level has acted as a support with a very precise bounce off.
Currently, XVG/BTC continues trading within the descending channel although the lower trendline is also now acting as a support suggesting that Verge is planning to go ahead of Bitcoin. Perhaps buying Verge might seem a little early, but as the support is holding the opportunity is there.
Fibonacci applied to the corrective wave up after the trendline breakout, which is the same wave where 200 Moving Average has been rejected, shows that 327.2% retracement level has acted as a support with a very precise bounce off.
Currently, XVG/BTC continues trading within the descending channel although the lower trendline is also now acting as a support suggesting that Verge is planning to go ahead of Bitcoin. Perhaps buying Verge might seem a little early, but as the support is holding the opportunity is there.
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Just as expected :)
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I think this chart deserves more likes )