This is a 6 hr chart of verge?
Why 6 hr?
Because at this time frame, we can clearly count the 3 corrective waves that is the down trend in the box.
We can also see from data that fib levels had been a rather precise ruler to estimate this coin, as I explained in the callout box.
The next fib targets are labelled in green (if you drag up on the chat)
It takes time to develop a trade. HODL it, sell when stoploss reached, and ya'll be fine :)
*This post is more for people who are already in verge trade, if you are not in the trade and would like to join, please find an entry price that is comfortable to you on your own.
I would be surprised if it goes lower
we are heading back up, but don't be over-optimistic. Always be ready to react to the worst case scenario!
My thoughts on chart pattern
This one has better proportion
This update is for my own entertainment.
Boxes with the same colors are of similar patterns.
We have ourselves a position.
A good start is always pleasant
worst case scenario
whales keep pushing down the price with sell wall/filling their own orders at a substantially lower price.
Assuming they are trying to accumulate more of their long position. -->Don't panic sell easily and fall for the trap.
everyone sees this pattern. It is picture perfect.
The only thing we need now is volume.
If we drop below lower trend line for some reason (its crypto, anything can happen), we go to the floor and wait to buy back there.
Need to be trading above EMA50 & MA50 on longer time frame to confirm another impulse wave going up.
If we drop to 470 we buy
The low was 502.....................
My order at 500 was not filled...................................