Updated VERGE (XVG) prediction using EWT and Fibonacci

youareyourowngod (58)in #verge • 7 years ago (edited)

Although it's only been 5 days since my last XVG update I feel the time is now to give one last post before another potential drop.

In my previous post I stated that I shorted 30% of my Verge holding's in anticipation of a drop. After a sell at $0.082 I have cast my first buy ladder back in between $0.05 and $0.048.

Here's why:

Currently I believe we are in a downtrend on the hourly. Predominantly due to the drop of BTC. If you look closely at the chart's between BTC, XRP and XVG you will see many similarities.

The chart above highlight's my current count on the hourly. Wave 4 on A, which just so happen's to appear as what could be a developing descending triangle. Note how precise the fibonacci line's are hit.

If that pathway develop's as predicted, the next step could possibly be a bullish correction to take us back around the $0.064 mark. There are 3 signal's here. Firstly the fibonacci layout. This would fit in extremely well. Even if the price exceeded Target 2 and bounced back around $0.072 this count would still be in play.

Also note the purple dotted descending trend line. Depending on time there's a very high chance this trend line could once again repel XVG's effort to explode. It happened in my last post where it was pulled back below from $0.09. Dependant on volume I don't see any reason why this can't happen again.

Thirdly, this could potentially turn out to be the right shoulder of a double top H&S pattern. (See image below)

Oh how beautifully that would fit in. Again, notice the link between price and Fibonacci retracement's.

Not only that BUT dependant on time, if this was to play out just as predicted - Wave 5 of C (Target 3, the previous bottom to this bear run) may just land around the primary bottom trend line (which just happen's to be in a huge uptrend!) for XVG.

And finally, if ever there was a case for use of Fibonnaci in price predictions, this would be it:

By coincidence I found these massive correlations when I zoomed out on the 2h chart. The 0 and 1 we're plotted at XVG's recent low of $0.03 and it's recent high of $0.09. I was quite taken aback by how accurately these Fibonacci figure's we're hit over the last few month's. Regardless of what happen's, to me this is simply incredible.

Whether this pathway will play out or not remain's to be seen. XVG has a lot of potential, financially and as a future privacy coin.

As i mentioned before, there is a close correlation between BTC and XVG. I don't analyse BTC presently, however if you would like to view in depth technical analysis I would recommend checking out @ew-and-patterns's consistent updates on his blog.