Bitcoin had a wobbly weekend and sluggish start to the week, but it managed to find some key support at the upper levels of $9,000. Once more, Bitcoin is looking to break upwards, but the charts are indicating that any upwards movement could be short-lived. In order to sustain its gains, it needs to sink down a little further before continuing on its uptrend towards a new all-time high. Over in the altcoin department, Verge has been steadily growing this week and it’s looking to extend those gains as we head into the weekend.
Bitcoin Heading for Consolidation and Reversal
We hate to be the bearer of bad news, but it’s only bad if you’re buying right now. Bitcoin is all set to sink as low as the lower end of $9,000 before its consolidation phase is over. If we enter the $9,600 – $9,000 range we can consider the consolidation completed. From this range, we’re expecting to see a reversal and Bitcoin resume its uptrend towards a fresh all-time high.
We’ve witnessed a double three corrective structure emerge over the past few weeks, and we’re coming to the end. If the $9,000 range doesn’t hold, we could see a triple three corrective structure begin to emerge, but this would be a worst-case scenario and is very unlikely owing to the huge support at $9,300. The weekend’s action could be huge for Bitcoin markets, meaning Bitcoin is very close to being on sale for all of you looking to buy Bitcoin on the cheap.
Verge is Making Waves
Over the last couple of weeks, Verge (XVG) has emerged as a top coin for day-traders and swing traders alike. It has seen a number of major price swings over the course of the week, meaning there is plenty of opportunity to take some nice profits. XVG is currently sat around $0.006 at the top of a swing. We can expect it to slide to around the $0.004 region, an excellent buy zone. Consider setting up a stop loss around $0.0028 – depending on your risk appetite – and look at taking profits off the table around $0.0058-65. The medium to long-term outlook for XVG is very bullish, with the charts looking like we could very well see $0.01 before the year is out. If alt season ever comes around, that $0.01 target could very quickly turn into $0.05.
If Bitcoin can trigger a reversal and get back on track, we could see $14,000 before the end of the weekend. Keep your eyes on XVG as it’s moving with furious pace – both up and down. Always set your stop losses to avoid losing out, but set them with a bit of leeway towards the downside to avoid an early triggering and missing out on gains.
