XVG is forming bullish reversal move

2020年9月26日

The priceline of Verge coin has broken down the $0.005 support and moving between $0.005 to $0.003.


SMAs on weekly chart:
On weekly chart the priceline has broken down the 100 and 25 simple moving averages and now likely to break down 50 SMA as well.


Bullish BAT move:
The price action of XVG coin is completing final leg of bullish BAT pattern on long term weekly chart.

As per Fibonacci sequence of bullish BAT the targets are as below:
Potential reversal or buying zone: $0.003321 to $0.002484 (this should be used as stop loss as well otherwise the priceline can move down to form Crab )
Fibonacci projection or sell zone: $0.005317 to $0.008313

Ichimoku cloud on weekly chart:
On weekly chart the priceline has formed a double top at Ichimoku bearish cloud’s upper top. Now the price action of XVG is at the bottom of this cloud and can move more down for the completion of BAT.


Conclusion:
The priceline is likely to take bearish move to the downside. But infact this move can be a bullish reversal, because for the completion of bullish reversal BAT pattern this bearish move is needed.