While XVGBTC is deciding whether the previous low will hold, I took a look at the dollar chart which is much more promising. Charting against the dollar provides a truer view of the sentiment around a coin, and although so many holders have capitulated in despair, Verge is still showing potential.
The first thing that stands out is the level of retracement compared to the BTC chart. We are seeing most coins retrace to around the .786 so far. Verge retracement against the BTC chart has kept me worried, because Verge does like to retrace it's peaks deeply, but has not done so yet on the BTC chart. On the USD dollar chart however, there has been a nice deep retracement well below the .786 line.
We are also seeing more sustained support for the potential 1 wave being created, as the 4 wave hasn't gone below the prior subwave 2 at this point.
Wave counts indicate a complete WXY, which can easily become WXYXZ should this next wave retrace lower. But doesn't look necessary to me. Volume is matched for the lowest it's been in a year, so how many sellers are left to give up their stake? Some renewed interest in Bitcoin if it continues to climb could really accelerate the impulses. The EMA 50 is presenting some downward resistance (not shown), so we will need the volume.
Healthy trading and profitable investments,
The Freedom to Be
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If you profit from this idea and would like to keep the charts coming, wallets are below:
BTC: 13mG7EsCBB3wK2pQnV4zXqXUXmnVtCbmS6
LTC: LTfKUD4g4zytwbLFsFCJyG6N55xu3mtZYJ
ETH: 0x800fe4a5a75af9034f4982c04bdd4b557dca0f3f
BCC/BCH: 1QmchfEizCkLLweNySkAJmBCJ6zEtfkBB
