BITTREX:XVGBTC   Verge / Bitcoin
Many are waiting for a XVG breakout. BTC still in correction, I do not see BTC climbing up within the next 2-3 weeks and breaking the strong resistance, maybe still retesting Support ~ 8000 or lower. XVG pretty much, as most Altcoins, waits for the correction to be over. The little Circle shows the potential when BTC climbs up, XVG reacts simultaneously. When BTC little run to ~9247, XVG went up a bit too, no surprise in that.

You see a beautiful elliott wave with an ABC correction, I suppose the rise of XVG is just a matter or time. News of XVG aren't too exciting, on the other side XVG hadn't the chance to break out within the last weeks. Volume is low, support around 550 is strong, MACD doesn't show any strong reaction up within the next days or weeks. RSI around ~30 (12h chart), oversold and that's a good sign. Price of XVG around 600 today. I see XVG going up to 1 US Dollar till September. The concept is good, whitepaper and team looks promising as the project itself.
Bình luận: This chart is not good, after all the work i did last days i have to admit this one. XVG going up in few weeks/months, need to take a better look at it, but this chart just hurts my eyes right now..
Hey, you need to study elliott waves a little more..
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FloTi scooty94
@scooty94, i will, thanks. More input would be appreciated :)
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@FloTi, sure. wave 2 MUST retrace 50%, generally retraces between 60-70% (use fib lines and check 618 and 786 fib lines) but theoretically can trace 99% and still be valid. Wave 4 NEVER retraces past the top of wave 1. Wave 3 is NEVER the shortest wave.

A,B,C retracement is a whole other beast, lots of reading!!

Use those rules/guidelines and you will start discovering elliott waves :)
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scooty94 scooty94
@scooty94, Your top fib line is correct but your bottom one needs to be brought up to the start of the pump around 620 sats.
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FloTi scooty94
@scooty94, awesome okay man thank you very much. Will keep on reading and not publishing. I do not want to mislead others :)
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FloTi scooty94
@scooty94, anyway, i was right with my prediction and i studied alot within the last 2 weeks. Thanks again mate! :)
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@FloTi, good to hear, the link below is where I gathered most of my basic info regarding elliott wave theory, it is pretty much all you need to learn to start drawing accurate elliott wave charts

he also has an advanced video if you are interested.

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@FloTi, cool I'll check it out. the video and audio quality is not the best but full of good info. I've watched it many many times :)
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