I'm keeping my eye on the EXCHPERP index from FTX as it seems to be forming a falling wedge pattern. Also had some nice price action on the 23% fib. I will look to long the bottom area, or long the breakout which it seems to be flirting with right now. Potential targets are listed.
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so far looks to be trying to breakout, a few more candle closes on hourly or H4 candles should confirm it
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I redrew the bottom as a triangle as it looks to be the bottom for exchange tokens for now. We had a quick break below the 23% fib and then broke out. This chart starts as a corrective wave down as alts were still getting rekt in 2018, but the triangle is usually terminal meaning an end to the trend, in this case that was a down trend.
Its possible we see some resistance along the way at the listed fibs but so far traveling nicely toward TP1. :)
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wow this trade worked out pretty good. I was actually not trading the index but tracking it. I do not think we will see exchange tokens get much more cheaper than they are now, especially with that certain "season" we have just entered.
It makes sense that people would want to be long exchange tokens to save on fees for all the pairs they will be trading.
Probably a good idea to be LONG on exchange tokens right now.
As far as the chart goes, FTX made the exchange index when we were still in a corrective part of the market so I was able to chart the bottom, but not enough room on that to chart the top. In the future I might chart some individual exchange tokens and the index again.