Verge: Possible 23% gain on a 2 day long position
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Full disclosure, I have been learning/analyzing/trading/correcting for only about a month now and think its time to share some of my ideas. Feel free to add any thoughts of your own to mine, and also critique and be a devils advocate to my ideas. That's only going to create more ideas for both myself and you for the future. All love here
After seeing bitcoin drop this morning to our (@eball8 give this man a follow) target of about 9k. I knew there is going to be a snap back towards the 55 EMA for a short period of time. Since bitcoin seems to control 99 percent of the rest of the market it "should" be a good time to place a long trade for a short term swing. Verge has a lot of promise!
1.) I pay attention to the 3 hr time frame the most when looking at the 55 EMA for swing trades. First indicator I saw was the support line at price .059. It seems to have hit the same support as it did on 1/17.
2.) Every time verge has pulled away from the 55 EMA, the bulls have made some type of attempt to cross the 55. I don't see the bulls breaking through the 55 and winning, but suspect a solid attempt.
3.) Also, looking at higher time frames (1 day, 10 hr) the stoch RSI is showing extremely over sold conditions which means some type of uptrend will be happening.
4.) Finally, in light of bitcoin looking like it will take a short 2 day uptrend from 9k, verge could make an attempt of crossing the 55 EMA once again. This is where I am targeting my exit point. I bought in at .059 cents (639 satoshi) and will sell around the 55 crossover attempt. This should happen within about 2 days or maybe less. I suspect bitcoin to make a double bottom here soon, therefore will be taking profit as this analysis plays out.
Full disclosure, I have been learning/analyzing/trading/correcting for only about a month now and think its time to share some of my ideas. Feel free to add any thoughts of your own to mine, and also critique and be a devils advocate to my ideas. That's only going to create more ideas for both myself and you for the future. All love here
After seeing bitcoin drop this morning to our (@eball8 give this man a follow) target of about 9k. I knew there is going to be a snap back towards the 55 EMA for a short period of time. Since bitcoin seems to control 99 percent of the rest of the market it "should" be a good time to place a long trade for a short term swing. Verge has a lot of promise!
1.) I pay attention to the 3 hr time frame the most when looking at the 55 EMA for swing trades. First indicator I saw was the support line at price .059. It seems to have hit the same support as it did on 1/17.
2.) Every time verge has pulled away from the 55 EMA, the bulls have made some type of attempt to cross the 55. I don't see the bulls breaking through the 55 and winning, but suspect a solid attempt.
3.) Also, looking at higher time frames (1 day, 10 hr) the stoch RSI is showing extremely over sold conditions which means some type of uptrend will be happening.
4.) Finally, in light of bitcoin looking like it will take a short 2 day uptrend from 9k, verge could make an attempt of crossing the 55 EMA once again. This is where I am targeting my exit point. I bought in at .059 cents (639 satoshi) and will sell around the 55 crossover attempt. This should happen within about 2 days or maybe less. I suspect bitcoin to make a double bottom here soon, therefore will be taking profit as this analysis plays out.
Nota
s3.amazonaws.com/tradingview/snapshots/f/fLWxb1h7.pngHere is the 1 day time frame chart, showing the Stoch RSI reaching almost 0 (EXTREMELY oversold)
Nota
s3.amazonaws.com/tradingview/snapshots/i/izaEgZCH.pngI am still confident in this swing trade. A few hours into this trade bitcoin is still dropping and consequently verge is as well. This is a 1 hr chart of bitcoin, I see the possible bounce at 8,720 which would start the uptrend affecting Verge.
Thoughts???
Nota
s3.amazonaws.com/tradingview/snapshots/v/VvnYc0dT.pngSince bitcoin decided to not be our friend last night I updated my thoughts on verge. My wise friend told me, always adapt to what the market gives you. DON'T try to fight it!
I see a descending wedge forming here on the 3 hr chart, and possibly a exit point that could fall right in my previous target. The next 12 hours to a day are very important. I see verge dropping down for a final 5th wave and hitting the support line shown above. This should start a nice uptrend. However, if peak 4 lands close to my target I will be selling and looking to re-enter after confirmation of verge bouncing off of the support line around .0317. Time will tell
Nota
s3.amazonaws.com/tradingview/snapshots/c/cpsWJUHc.pngThere's a lot going on in this 3 min chart. If you're looking to sell soon, here is a possible scenario. I see an ascending wedge forming/already formed with two support lines, having two different price scenarios.
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Possible sell points are .0609 and .0622
Nota
s3.amazonaws.com/tradingview/snapshots/g/g3r92HUy.pngLooks like scenario two is falling into place. Verge found the support line at .0539 and could reach a sell zone slightly higher than I predicted (.0626) Seeing and tracking these support lines are very critical and great opportunities for quick scalps.
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Both the stoch and rsi show promise of an uptrend and looks like this quick scalp could reach a 16% gain.
Nota
I attached the wrong chart above. That is mt descending wedge idea of bitcoin. Here is the verge updates3.amazonaws.com/tradingview/snapshots/5/5pGK7qd5.png
Nota
s3.amazonaws.com/tradingview/snapshots/m/myqvWHFw.pngLook at the that. Looks like the highest wick is bouncing right of the 55 EMA. In retrospect, I should have lowered my target and trusted the resistance line. Looks like it just broke the resistance line, which is okay. That doesn't mean anything drastic. My sell orders filled so I am happy. If you were trading verge to bitcoin following my analysis, you could have nailed your target as well...
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The 3 hr Verge-Bitcoin is right on track with my analysis. But I do believe we will see a correction towards the final 5th wave in this descending wedge.
Nota
s3.amazonaws.com/tradingview/snapshots/e/EkO7RJes.pngUpdate: Verge is still on track, even though some wicks broke above the wedge resistance line. This is not substantial to make any adjustments. The first wick to break the resistance line had my attention due to the volume spike. I thought that maybe it could start a major uptrend. However, the following candle showed that the bears were winning and volume was depleting. Now we will sit tight and see where the final price line connects with our support line.
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