A downward channel has been formed in the XVG/USD 4hr chart
In this trajectory Verge will follow the channel and test the support at the $0.10 to $0.08 range. If this support holds, then a bounce to the resistance level at $0.17 is expected. If this resistance is broken then the next target would be the psychological barrier at $0.20.
The RSI level is indicating a downward trend sitting below 50. The MACD indicator has yet to cross over to signal a bullish trend. Once the MACD confirms a trend reversal I will place my position.
As always, you can never be 100% sure of the outcome. At the end the market will decide!
Recommended Guidelines to Follow:
I wish you MASSIVE profits on all your trades,
CryptoTA
Follow my Blog for more! --> steemit.com/@jmazo
Disclaimer: Never invest more than what you can afford to lose. This post is my personal opinion, do your own research before making any investment decisions. If you make any trades after reading this post, it is completely in your responsibility. I am not responsible for any of your losses. By reading this post you acknowledge and accept that.
In this trajectory Verge will follow the channel and test the support at the $0.10 to $0.08 range. If this support holds, then a bounce to the resistance level at $0.17 is expected. If this resistance is broken then the next target would be the psychological barrier at $0.20.
The RSI level is indicating a downward trend sitting below 50. The MACD indicator has yet to cross over to signal a bullish trend. Once the MACD confirms a trend reversal I will place my position.
As always, you can never be 100% sure of the outcome. At the end the market will decide!
Recommended Guidelines to Follow:
- Wait for the Break Out
- Open your position by following the trend
- Set your target limits
**Always set your stop losses when long
I wish you MASSIVE profits on all your trades,
CryptoTA
Follow my Blog for more! --> steemit.com/@jmazo
Disclaimer: Never invest more than what you can afford to lose. This post is my personal opinion, do your own research before making any investment decisions. If you make any trades after reading this post, it is completely in your responsibility. I am not responsible for any of your losses. By reading this post you acknowledge and accept that.