Looking For Fib Confluence Zones XVG/BTC

BINANCE:XVGBTC   Verge / Bitcoin
226 0
This is a different attempt to look at verge. I was playing around with the Fib Levels for the first 5 waves up and I was BLOWN AWAY.

I just took a basic swing low to swing high for the first 5 impulse waves and just look at the accuracy of the algo targets. Each wave was a textbook fib region. I can't even believe it.

Just from a swing low to swing high on wave 1, we see a PERFECT bounce off the 0.5 fib level for wave 2, wave 3 broke 1:1, so it shot for the next target: 1.236 which it nailed. Wave 4 looked like it would bottom out at 0.5, but as soon as it broke a long wick retraced to 0.236 directly to the tick. And finally, we see the 5th wave break 1.168 (after resistance) then move on to 2.618 (which it broke with resistance), and finally to 3.618, again right to the tick!

So, since it looks like XVG has been trying to break out (in a few ugly impulse waves), I decided to take swing low to swing high for what could potentially be the wave 1. After taking this fib region, it shows us what the algo targets are!

It is amazing. We see a perfect rejection from the 382 fib level 4 TIMES before breaking it. I would have had no idea that was even a fib level until after taking the swing low to swing high. We see rejections and supports from almost every fib region. Once on breaks up, it tries to break the next fib region that is acting as a resistance. Once it breaks down, it breaks down to the next fib region acting as a support.

I am not sure if these are waves trying to form, or if these waves are still failing, or what the heck is going on. All I know is that these targets will be incredibly important! If we do get confirmation of an uptrend, these will be levels to look out for.

Side note:

It looks like we have rejected from the 618 a few times. At the moment it looks like 786 will be the strongest support unless we see a heavy break up.

Also! Don't forget you can steal charts! So if you want to take a look at these levels on a higher/lower time frame, please do so!
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