Expect more charts as i'm seeing more set ups with this coming BTC bounce.
Today, I was able to regain access to Bittrex(Thank God) and I was able to find a few really solid set ups. The first one I chose was AMP because of the massive volume spikes from accumulating wales. It has a similar market structure to XPM which recently pumped for 300-400% gains so I figured a chart was the only logical thing to do!
Taking a look at the daily chart we can see a small market cycle playing out(Mini compared to all time data) and It is nearing completion. A breakout of the falling wedge would indicate a new market cycle will be underway. This would provide momentum for a bull run to follow shortly afterwards. Anytime you see frequent volume spikes it indicates that big players have started taking positions. It is these volume spikes that start the hype cycle for the bull rally. Always take your positions with the smart money so you don't get stuck in FOMO!
Now, let's get ready for these profits shall we? ;)
God Bless, JolleyCrypto
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Both of these charts have very similar market structure and accumulatory volume Which is why I like to compare them to eachother. Maybe we will see similar hype in AMP
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I have switched to Dollar charts for my TA. Here is what I expect of AMP. HODL on, accumulate the dips!
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Against the Bitcoin pair we retraced over 100% of wave one. We also have a very hard time trending against Bitcoin which tells me this alt coins is weak. Orginally thought new volume coming in could boost prices but that outlook is unlikely. against the dollar its clear were still trending up by the, "Jaws Of Wealth" forming. We just dipped back into the accumulation zone awaiting the next move up.
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Holders of this coin will grow more buying power with the dollar however, if you are looking to increase your BTC buying power don't hold this coin lol
So, the imminent breakout is on hold, most likely, with more time to wait and accumulate, in your view, correct?
UnknownUnicorn846565
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@creatorskid, It could still breakout soon however, accumulation is needed, yes.
bobbycrypto05
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Hi mate.. Could you update when you can
creatorskid
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AMP is down 75% against BTC since I bought it and was hoping it would help increase my BTC holdings eventually. Are you saying this is likely not a good altcoin for that plan? And if that's the case, would you suggest I sell back to BTC once it climbs back to break even ... or hope for more?
UnknownUnicorn846565
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@creatorskid, Either way you can profit if it goes up against the dollar. Id just hold and watch the dollar pair