I've had my eye on
SWTBTC
since December, but I haven't given it a diligent analysis until the past couple of days. Looking at the charts, it is clear that
SWTBTC
is in a consolidation period since the high point seen on January 21st. Since then, we've seen several repeating triangle patterns, each one smaller than the last. Well, it looks like that trend is coming to an end as we are nearing the point of our consolidation period. The question that I'm asking is, will this point bring us a bullish or bearish trend? Drawing the bottom of the triangle flat, it looks like a descending triangle (signaling a downward breakout) is forming. In part, this movement follows a market-wide trend in the crypto space, as small-cap assets like
SWTBTC
take a beating.
In addition, note the wide swings in MACD and Momentum from negative steeply to position at the left side of each triangle. Such a steep increase indicates a large price movement followed by a slower downward trend back to the base of our wedge.
Overall, I like what I see with
SWTBTC
in terms of development and news. However, the downward trend that I am seeing with
SWTBTC
is troubling. For the short term, I am going to hold off trading until we see which direction we're headed. I will keep this updated in the coming days and weeks, as I still remain interested in this asset long-term.
I'd like to hear your thoughts on
SWTBTC
! Where do you think it's headed after this consolidation period? Is this a long-term signal for the asset or a short-term trend? Please comment below, as the more input we see, the more informed we are!
*** This is not a recommendation to buy or sell, this is for educational purposes only! ***
SWTBTC
since December, but I haven't given it a diligent analysis until the past couple of days. Looking at the charts, it is clear that
SWTBTC
is in a consolidation period since the high point seen on January 21st. Since then, we've seen several repeating triangle patterns, each one smaller than the last. Well, it looks like that trend is coming to an end as we are nearing the point of our consolidation period. The question that I'm asking is, will this point bring us a bullish or bearish trend? Drawing the bottom of the triangle flat, it looks like a descending triangle (signaling a downward breakout) is forming. In part, this movement follows a market-wide trend in the crypto space, as small-cap assets like
SWTBTC
take a beating. In addition, note the wide swings in MACD and Momentum from negative steeply to position at the left side of each triangle. Such a steep increase indicates a large price movement followed by a slower downward trend back to the base of our wedge.
Overall, I like what I see with
SWTBTC
in terms of development and news. However, the downward trend that I am seeing with
SWTBTC
is troubling. For the short term, I am going to hold off trading until we see which direction we're headed. I will keep this updated in the coming days and weeks, as I still remain interested in this asset long-term. I'd like to hear your thoughts on
SWTBTC
! Where do you think it's headed after this consolidation period? Is this a long-term signal for the asset or a short-term trend? Please comment below, as the more input we see, the more informed we are! *** This is not a recommendation to buy or sell, this is for educational purposes only! ***
Comment:
We're slightly down from when I posted this idea with slight negative MACD. No real trading volume yet, so I'd say that we're still waiting for the market to make up its mind.
Comment:
Not a great day for SWT, it's now approaching the bottom edge of the long-term wedge. If Swarm does not hold at this resistance level, we should see it continue its downward trend. I will update this tomorrow, as this has yet to unfold!
Comment:
It looks like we're testing the bottom edge of the consolidation wedge. If we see significant volume breaking down below the support, I think we're going to see it falling further! The next couple of hours will be telling, let's see what it's got in store!
Comment:
Extend the lower bound of the wedge that I drew, and you'll see Swarm testing the resistance here. It's tested this bound a couple of times before, but let's keep an eye on it! It looks like we're going down, the next few hours will confirm
Comment:
We've either broken the lower resistance or are testing it depending on how you draw the line. Either way, I don't like how it's looking short-term here.
Comment:
We're still around the same levels as yesterday. I'm staying away from SWT in the short-term.
Comment:
We're seeing a slight spike, but it looks like we're still within a downtrend.
Comment:
I'm seeing a slowing descent here. I'm still not ready to hop in and buy SWT, but we are erring on the oversold side of RSI, indicating we might be able to flatten out and reverse.
