Verge XVG - Short Term Pullback on News
Updated
XVG has pulled back from touching the upper trend line as shown by the smaller yellow ellipse on the chart [trend lines in turquoise] on the news that a business deal has been reached to use Verge as a payment system for the Porn Hub company. Porn Hub which is owned by Luxembourg based MindGeek the 32nd biggest website on the web according to traffic measurements.
This is a case of buy the rumor and sell the news.
Why Was This Deal So Attractive To Verge And MindGeek?
Verge team is only looking at a very large market with this company taking up a large part of the total Internet traffic with massive sales. As a business opportunity, this could be huge for Verge. The customers of these sites are looking for as much cover as possible desiring to hide their payments on credit card statements from friends and family members. Verge also encrypts all of the traffic via the TOR network making intercepts of payment traffic untraceable.
The Verge Trading Chart
Watch the dotted trend line for a possible recovery in the price. If the price holds here it's an opportunity to add to the position.
Should the price move further downwards, I have highlighted a "Buy Zone" for adding to long term holdings.
I have no intention to sell Verge, I believe it's a long term hold.
Disclaimer: Those with objections to the Porn industry might want to weigh their investment in Verge. But it's only fair to point out that the US Dollar, Visa, and Mastercharge are far larger in this regard.
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All statements and expressions I offer are my opinions, and not meant as investment advice or solicitation. Information provided is not personal investment advice. Seek guidance from a professional investment advisor before trading or investing. Trading cryptocurrencies can be a potentially profitable opportunity for investors. You should carefully consider your investment objectives, level of experience, and risk appetite. Most importantly, do not invest money you cannot afford to lose. I am not a registered investment advisor.
Wishing you success,
Isaac
This is a case of buy the rumor and sell the news.
Why Was This Deal So Attractive To Verge And MindGeek?
Verge team is only looking at a very large market with this company taking up a large part of the total Internet traffic with massive sales. As a business opportunity, this could be huge for Verge. The customers of these sites are looking for as much cover as possible desiring to hide their payments on credit card statements from friends and family members. Verge also encrypts all of the traffic via the TOR network making intercepts of payment traffic untraceable.
The Verge Trading Chart
Watch the dotted trend line for a possible recovery in the price. If the price holds here it's an opportunity to add to the position.
Should the price move further downwards, I have highlighted a "Buy Zone" for adding to long term holdings.
I have no intention to sell Verge, I believe it's a long term hold.
Disclaimer: Those with objections to the Porn industry might want to weigh their investment in Verge. But it's only fair to point out that the US Dollar, Visa, and Mastercharge are far larger in this regard.
Please, Don't forget to Like Agree, Comment and Follow Me, It's additional encouragement for me to share my work.
All statements and expressions I offer are my opinions, and not meant as investment advice or solicitation. Information provided is not personal investment advice. Seek guidance from a professional investment advisor before trading or investing. Trading cryptocurrencies can be a potentially profitable opportunity for investors. You should carefully consider your investment objectives, level of experience, and risk appetite. Most importantly, do not invest money you cannot afford to lose. I am not a registered investment advisor.
Wishing you success,
Isaac
Note
Verge is approaching the buy zone I outlined. Selling volume is letting up a bit. The RSI is approaching the oversold region. Stoch RSI indicates in the oversold region. Remember that these indicators can ride in the oversold region for some time so be patient. The ideal buy point in this chart is $0.0487 this is the intersection of a trend line and support lines. We may or may not reach it, if volume turns positive and the trend starts upward it may be our signal that the downward move has ended for now.
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