It appears we will see a decent retracement on assets priced in USD given the current outlook of the dollar futures. Given the price action and technical outlook on this specific chart, my eyes gravitate to the equal lows denoted by the blue line. This would be an ideal level for market makers to dip into and I would be comfortable adding in spot positions at this level.
It is also worth mentioning I am a supporter of the Sushiswap project and am aware of the developments being made which would expand the platform beyond its current limitations as an AMM and stigma as a Uniswap fork. And given the infancy of this particular space within cryptocurrencies in general which is just emerging to the public and institutional eye, I am confident that any spot position added here would be well rewarded by the end of the year. :)
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Just went shopping for some yummy sushi. Will update with a new chart.
nice level i bought on the way down wish I had the patients like you did
Bawg
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@alex.roderick.macleod, There were definitely times when I went against my better judgement with impatience. But just like all skills, it is something that you can constantly improve if its your choice!
Helena365
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Why 11.43?
Bawg
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@Helena365, Hi. Below those equal lows resides a substantial amount of liquidity as its perceived as "support" - and it can be likely that price retraces below those levels, tagging the leveraged sell-stop positions, and then reversing to the upside. This is a classic price action move known as a liquidity run by ICT. Also, when perceiving the larger time frame (weekly) and placing a fib from the run up back in December to the recent highs last month, having a 60-80% retracement can be healthy for its continued run into price discovery. However, regardless of the retracements, I am confident on the fundamentals of this project in the long-run and see any holdings around these levels to pay off by the EOY :)