Verge long term investment: Possible 675% gain
Updated
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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.
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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
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/tradingview/snapshots/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
Note
s3.amazonaws.com/tradingview/snapshots/y/yX2XL3kn.pngUpdate 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
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