BITTREX:XVGBTC   Verge / Bitcoin
I personally chose XVG as one of my top privacy coins. They have had a great run since launch, good team, healthy technicals and bright future.

Analysis:

XVGBTC             is currently in a symmetrical triangle pattern . This is a famous trend continuation pattern, in this scenario breakout would favor a bullish run but breakout to the downside and below bottom line of triangle can be a STRONG SIGNAL of trend reversal or potential bearish movement.

Symmetrical pattern breakout has been known to breakout:
Full height of triangle from initial inception
half height of triangle, or measure from apex -> top of triangle at inception.
These breakout ratio's are popular for bearish movement as well.

Blue boxes are price ranges and measure both of these.

Fibonacci Retracement shows previous 2 cycles' retracement targets (0.786 - 1)

Stoch RSI Shows overbought. It has not reached the top of the channel yet but with the way RSI is looking shows that there is room for movement back to the bottom of channel.

This may be due to XVG Wraith protocol release today, I know many crypto-enthusiasts traded off this fundamental, so many are taking profits at this zone, giving it a little resistance and therefore, potential bearish movement.

MACD Histogram shows it can potentially support upward movement.


What did I do?
I bought XVG at 90 sats             and sold today 50% of my position at 133 sats             for 48% profit half way up channel due to stoch RSI showing heavily oversold.
I am currently holding the rest and set an alert for bearish movement at 120 sats             . If It triggers, I will reanalyze and reconsider my position.
I may consider selling the rest to re-enter at the bottom channel and ride the last swing or 2 up before we reach the apex & breakout.

If it goes up, there is not much I can do but manage my emotions and make a concrete             decision to either re-enter or find a better trade to allocate some holdings.

Notes:
Watch volume spike for indicator of strong bullish movement.


great stuff man. very detailed and informative. for that I thank you.
Balas
Great Stuff !!!!
Very Informative indeed !!!!
thank you, I will save this
Balas
Intelligent break down and reasons, thank you. Lot's to learn from.
Balas
very disciplined
Balas
Good call. Your risk and money management should be in the first paragraph of crypto trading 101.
Balas
Thank you so much for the detailed explanation! Really appreciate hearing the thoughts of why you bought this coin. I believe in the tech, long-term...so I'm holding what I have now, but trading with other alts.

Thanks again!
Balas
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