ErnestEA

XVG - Is it on the Verge of going up or down?

BINANCE:XVGBTC   Verge / Bitcoin
XVG is no doubt the coin of the month. The amount of hype surrounding it with it's Wraith protocol feature caused a huge amount of spike up and also down. This is definitely the coin with the volatility and the volume you'd want to trade with if you like to take risks. Due to the amount of FUD caused recently by YouTube and Twitter celebrities, the price of XVG dropped a substantial amount. Despite the fact that Wraith protocol was delayed, there are still a good amount of buyers out there which makes this coin quite interesting.

On the chart above, we can see that the previous resistance of fib level 0.382 (0.00001148 BTC ) became our support. If XVG can bounce off of this support, we can expect it to reach fib level 0.5 (0.00001311 BTC ). If XVG breaks 0.00001148 BTC support, we are looking for a downward movement all the way down to our next major support, which is fib level 0.236 (0.00000947 BTC )

Trade Setup:

Stop Loss: 0.00001130 BTC
Target 1: 0.00001311 BTC
Target 2: 0.00001474 BTC
Target 3: 0.00001706 BTC
Target 4: 0.00002000 BTC
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