Verge (XVG) vs BTC Chart Analysis (Trending Downward + Sideways)

I would like to share a quick analysis with you about Verge (XVG) against Bitcoin (BTC): XVGBTC.

We will be looking here mainly at the daily chart . Here is what you can notice at first glance from the chart:

- Magenta lines: These lines represent resistance/target levels.
- Black lines: These lines represent support levels.
- Descending (red) channel: This is the channel in which Verge is trading right now.
- Sideways (blue) channel: This is the channel where Verge is likely to trade if either support nor resistance levels are broken.
- EMA30 & EMA90: Possible price support levels.
- Indicators: MACD , RSI , STOCH , DMI & OBV

Verge (XVG) Technical Analysis (This is what the charts are saying at the moment of this analysis)

Please note that the signals can change every single day, since this an analysis for the daily time frame. So let's get started:

- The chart looks pretty clear, we are descending and the indicators are all showing bearish signals even while having positive candles in the last two days. A very strong push is needed to break the red channel.
- If the red channel is broken, a new ascending channel can be drawn but the sideways channel (blue) still remains intact. This channel can be a real challenge and it can extend all the way up to the last all time high.
- Based on this chart above you can clearly see that Verge is trending downward.

Buying Verge (XVG) suggestions

- If you like this coin or would like to buy it, the best advice I can give you is to stay on the sidelines, watch how the charts develop and buy once a bottom has been reached. A bottom hasn't been reached, so the price can go lower and lower. It can go up, but the indicators and chart signals are not saying so.

- Another strategy is to buy and hold for long. If you want to be a long term holder you can literally buy at any price, but it is still better to wait for a solid support/bottom to be formed, buy in and then hold long.

- Both EMA30 and EMA90 held as good support levels. These can be used for short term and long term trades respectively.

More Verge Analysis

- The 3D and 1W charts aren't looking any better. Charts are bearish and the indicators are bearish as well with plenty of room for decline.

- Shorter term, the 2H and 1H charts are also bearish .

In conclusion, we have many, many bearish signals.
Again, the market can move in any way it wants, unexpected things can happen, we are open to all possibilities but the charts are telling us that Verge (XVG) still needs to find a bottom / solid support, before it can start its next bull run.

I hope this analysis answers all of my Verge questions.

Thanks again for all the support.
This analysis is done to answer all of my followers that have questions about this coin.

Thanks for the continued support.

Namaste.
Mantra: "Om Stanesha Vahtu Nevehem"

Bình luận:

Reason why this idea was "hidden" and why I am posting again:

This idea was hidden because I posted my addresses to receive tips. I am posting again without the addresses so that you can enjoy the updates... Yes I know what you are thinking, "But everybody asks for tips on Trading View"... Well, I guess I am not allowed to do so, so let's move on... No tips needed... ENJOY

Giao dịch được đóng thủ công:

I won't be updating this post in the future. You can still look at the main chart above and the description for clues as to what might come next.

For now the descending channel is pretty clear as well as support levels have been given. Hope that helps.

Namaste.

Bình luận:

You can find an update for this trade idea, on how to trade Verge (XVG) for beginners by clicking on the image below: