After analyzing some swing trade possibilities with verge, I looked at verge as a long term investment. There is no doubt that an uptrend is coming but here are some targets to think about.
BUY ZONE:
Verge is in a descending wedge, a lot like a majority of coins right now thanks to bitcoin. I used fibonacci retracement and found a similarity that could be an optimal buying zone. I estimate we will finish this wedge at 466 satoshi, right at the .786 fib level.
s3.amazonaws.com/tra...shots/k/K6Uu7FaR.png
SELL ZONES:
Fibonacci rule: We assume the fib extension will reach 1 to 1, with a possible to extend all the way to 1.618. This is where we can see a possibility of reaching a 675% gain. I will be laddering sell orders around the 1 to 1 fib extension to take profit, but will potential hold to see if verge makes an attempt to reach 1.618.
Let me know what you think
BUY ZONE:
Verge is in a descending wedge, a lot like a majority of coins right now thanks to bitcoin. I used fibonacci retracement and found a similarity that could be an optimal buying zone. I estimate we will finish this wedge at 466 satoshi, right at the .786 fib level.
s3.amazonaws.com/tra...shots/k/K6Uu7FaR.png
SELL ZONES:
Fibonacci rule: We assume the fib extension will reach 1 to 1, with a possible to extend all the way to 1.618. This is where we can see a possibility of reaching a 675% gain. I will be laddering sell orders around the 1 to 1 fib extension to take profit, but will potential hold to see if verge makes an attempt to reach 1.618.
Let me know what you think
Update on Verge: Adjusting verge to our descending wedge, we can now see an optimal buying zone. Since this is a long term investment I would wait for confirmation of an uptrend. If you're looking at a return of over 500% waiting about 3% percent to insure an uptrend is well worth it! As of right now, I am targeting 600 Satoshi as my entry. More updates to come