matchgrip
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Verge - XVG - Symmetrical Triangle Pattern

BINANCE:XVGBTC   Verge / Bitcoin
We see here a symmetrical triangle pattern after an uptrend. It can either break it upwards and go bullish or break it downwards and go bearish .

I made an analysis supposing that it will go bullish .

After the C wave, it may go up to 1:1 with the A wave to the 1 Fib Point. If it rises up as the difference of the triangle it comes in the zone between 0.786 and consisting with the 1:1 analysis. Thus I've chosen a final target zone around those areas.

Other target points along the way could be 0.382, 0.5, 0.618 FIB points if you'd like to get some profits along the way.

The stop-loss would be just under the triangle as breaking it downwards would mean that it'll drop good.


I'm still a newbie and trying to learn TA, so this is mostly educational for me, don't take me serious and do your own analysis. If someone has something to add, I'd be more than willing to hear them out and learn! Happy trades to all!
I like it. Especially the fibs. Your earlier fibs, you can see that those fibs closely fit the resistance areas during the triangle pattern.

I think if you did a time fib from the time of the ATH and spread it forward, you might be able to get the timing figured out. Kind of like this one:



Based on that, we may not break out until Jan 21st or 22nd and that may be when the rally could begin.

I'm not sure how to measure fib time lines, so I just used the beginning of the last downtrend to the beginning of the next uptrend and it seems to fit within the large triangle formation, which would confirm the possibility, IMHO.
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