Bitcoin Gold (BTG) chart looks very similar to Verge. The complex correction the two coins show have uncanny similarities. I wonder if most holders of BTG also hold XVG! This is one way how sentiment can be uniform. The below chart shows that five subwaves (white) can be counted for the last terminal wave C. So, with probable evidence showing that the bottom candidacy is strong; the current price rise could be a corrective retracement.
The channel clearly resembles a bear flag. Waves abcd have been complete and if there is an e wave up; it would be critical for price to breach the upper trend line. IF price is easily repelled by the upper line; then the bear flag consequence can become front and center.
Longer Term Perspective: In light of the below Intermediate Degree of Trend Elliott Waves, it shows tha wave 2 could be completing or already has. IF SO, then what matter does it make if BTG makes a slight lower low or whatever? This is the degree of trend that I trade to, often. Awareness of this also makes it no matter to me what the correction does.
Legal Disclaimer: I am not a financial advisor nor is any content in this article presented as financial advice. The information provided in this blog post and any other posts that I make and any accompanying material is for informational purposes only. It should not be considered financial or investment advice of any kind. One should consult with a financial or investment professional to determine what may be best for your individual needs. Plain English: This is only my opinion, make of it what you wish. What does this mean? It means it’s not advice nor recommendation to either buy or sell anything! It’s only meant for use as informative or entertainment purposes.