SUMMARY
Verge (XVG/BTC) completed an impulse five waves up and since then, has been correcting in a wedge pattern. Price has already breached the upper white resistance line. The MACD in this daily chart is diverging with price by putting in a higher low while price had hit a lower low. We need to see two rounds of impulse waves up to get a solid confirmation of a trend reversal.
I'm counting the wedge as a complex wxyxz which all got completed as shown in below chart. The MACD in this 4 hour chart shows the now common symmetrical triangle formation. MACD has not yet broken out while price has; yet another bullish divergence. I've added the blue impulse waves that could take a few weeks but they would certainly indicate a potential trend reversal. The white arrow pathway for the MACD should support the price move.
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