Eboard10
Panjang

XVGUSD Long Term Perspective

BITTREX:XVGUSD   Verge / Dollar (calculated by TradingView)
After publishing a long term chart for DASH using ElliottWave analysis, here's my take on another (not as well known) privacy coin - Verge.

I won't be talking about the coin itself and its features, but about the price pattern that I am seeing applying EW for what could become one of the most price-breaking coins in the coming years.

We're currently in the middle of an extended wave ( iii             ) within a larger wave 3 that should take it to the 1.618 log fib extension of $66 in 2019, with a first stop at $5 in 2018 potentially extending to the $14 fib. In the short term, we could still see the current price movement correct down to $0.05-$0.10 in an ABC wave if $0.12 is broken.

While the fibonacci levels shown in this chart may seem unrealistic due to the extremely high market cap that Verge would attain (is there any such thing as unrealistic in the crypto space anyway?), please bear in mind that the market cap means little as price is driven by volume and the number of traded coins (rather than total coins). At the end of the day, price is driven by sentiment and a solid privacy coin such as Verge is well positioned to attract lots of private investors and later on institutional investors as they follow the frenzy driven by the former.
Anything is possible in crypto land. Thanks for the analysis!
Balas
I really hope you are right:)
Balas
Eboard10 pepper_nax
@pepper_nax, So do I :)
Balas
How you actually predicted this? Could you please explain or refer a link as I am new to understand and development of these charts?
Balas
Eboard10 rahulverma910
@rahulverma910, Check out "The Basics of Fibonacci Pinball" by Avi Gilburt. It's a good start to understanding the basics of ElliottWave analysis. The website has a lot of information and videos about it. The only difference when applying this method to cryptos is that logarithmic extensions are used, making the targets exponentially higher than they would be with standard stocks.
Balas
PSekula PRO Eboard10
@Eboard10, Why are logarithmic charts used instead?
Balas
Eboard10 PSekula
@PSekula, Due to the extremely volatile nature of cryptos. It would be very hard to read the chart using a standard layout, same for the fibonacci extensions.
Balas
Eboard10 rahulverma910
@rahulverma910, And please bear in mind that these are just targets based on probabilities. There is nothing definite or certain about the levels published above, although the long term upward trend is very likely to unfold. Price movement in the short term is still undecided.
Balas
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