SXPBTC - In the buy zone, do we buy?

Тема в разделе "English", создана пользователем Trading Ideas, 25 сен 2020.

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    SXPBTC - In the buy zone, do we buy?
    SXP is the coin of Swipe: a multi-asset digital wallet and Visa debit card platform that allows users to buy, sell, convert and spend cryptocurrencies. Basically, a crypto credit card. Yes... another one.

    Tired eyes, y'all get the dark chart.

    Back in July, Binance acquired Swipe, “To achieve our mission of making crypto more accessible to the masses". A noble goal!

    I believe the company still operates independantly, managing their day to do operations and what not; but they are working with Binance as "partners" apparently. Where one owns the other.

    You can also yield farm with it, taking a bit of the risk out of hodling them.

    But enough boring history. Let's draw some lines on a SXPBTC 4h chart.

    We had our ATH back in August, just before the BTC spike. Since then, solid downward channel.

    We can take the spike out and see a little tighter, little more sideways of a channel. Still downward.

    We are in the historical support, by a large margin. Smashed right through it so far, with a pretty lackluster bounce today. However it is a bounce.

    EMA 100 long since abandoned, was a major support before.

    MACD is on a slight reversal with some tiny greens sprouting up. decent cross with an upward trajectory but still in unhealthy territory with room to grow.

    Stoch is mean looking, overbought with a bad cross at the top.

    Things were taking off today! SXPwas not so much - we had some growth but nothing to write home about.

    Wait to see which way we head right now, likely to get a retest of the recent support and if that fails we'll be seeing the gutter down in the next buy zone. You don't need those losses right now.

    Conversely, if we see a solid breakout from the upper yellow dotted trend line, might just be game on.

    Or spread your buy out over time. Things have been quiet, too quiet...

    TP: (based off previous resistance and hit fib levels.
    #1- .000150
    #2- .000200
    #3- .000278
    #4- Longer term, I can see previous ATH , but you'll be waiting.

    SL: If you're buying the retest I'd set a stop loss fairly tight, 10-15%. If you're okay with yield farming for a bit or planning on DCA'ing, disregard!

    "there is nothing outside of yourself that can ever enable you to get better, stronger, richer, quicker, or smarter. Everything is within. Everything exists. Seek nothing outside of yourself." - Miyamoto Musashi

    I'm a guy that you don't know posting his ideas on the internet for the sake of improving as a human being. If you take this as financial advice, that's on you.

    If you like my analysis, then leave a like and feel free to follow for more free content. Feedback, criticism and crude humor are welcome :)
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