This is Swipe $SXP coin against BTC pair on a .
Rounded Bottom (RB)
Parabolic Curve Theory ( PCT )
Price Action (PA)
BTC ( Bitcoin )
T/K (Tenkan/Kijun; Blue/Yellow lines)
Sats . (Satoshis)
This is a mid-term pattern that will develop exponentially growing price action as it starts to close the cup. It has the characteristics of a PCT structure as it tends to range at key Fibonacci levels for PCT .
As I'm looking at this chart and describing my idea I'm very conscious that events like news catalysts and BTC can deviate it off its course and make price action break out of pattern invalidating or at least demanding a reassessment of the idea.
Pattern start: Mid-Aug 2020
Estimated end: Early-Aug 2021 (almost 3 months from publishing)
Price tag at time of publishing: 8,150 sats .
Expected price tag at end of pattern: 36,700+ sats .
Safe trailing take profit area: Recommended trailing take profit at 35,700 sats .
-Bullish Kumo cloud setup with PA on top of it.
- Tenkan over Kijun Sen.
- T/K cross up the first days of May, also nuance.
- Chikou lagging span heading towards PA, nuance, probably due to recent correction.
- on top of the PA, nuance.
PA has corrected down to the .500 fib from previous impulse move and is currently bouncing up as it closes in against the curved wall of the pattern.
Trade at your own risk...
NEWS CATALYSTS AND BTC
Technical paper will be released as of May 30th according to @Joselito, Swipe founder.
Affected by BTC dips.
I expect a completion of the pattern if BTC doesn't pull PA out of pattern. If it does, this idea may need to be revisited.
ATM there's a measured move if PA breaks out of the shown in the snapshot below. Measured Move equals about 605 profit.
Drawing may need some minor adjusting as the pattern develops.