Technical Analysis:
- The extended correction potential has played out
- Another failed attempt at breaking out of this channel resistance (upper blue trend line)
- Both the 55EMA and the 200 EMA are now acting as a strong resistance as well
- Verge will have a hard time breaking above 800 and 815 satoshi based on where we are right now
- Strong support at 760 satoshi
- Long term targets remain the same
- BULL FLAG pattern still viable
- A strong green candle on the 4 hour chart closing above 835 satoshi could signal a move to complete the 5th wave of this cycle
- This is still only a sub-wave of the 3rd overall primary wave moving towards 1500 ans 2000 satoshi
- RSI is dipping into oversold territory where it can only stay for so long
- Positive move to the upside will occur in due time
- See LINK for previous technical analysis, chart, and notes
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I am not a financial advisor, nor is this intended to be financial advise. I encourage you to do your own research considering this blog is a way for me to document my own personal analysis, charts, trading decisions, and experiences. If you would like to learn more about trading, cryptocurrencies, and the resources I used to learn how to trade and invest, see my previous post - LINK.