SXPBTC - In the buy zone AGAIN. Potential Breakout Incoming!
SXP is back in our buy zone. Gonna keep this short and savory.
Last time it was here we got a 50% bounce up to the next fib level. I suspect we could get a little higher this time as behavior has been bullish despite declining prices..
We're currently trading in a descending channel. Right at the top of the channel.
This is a nice spot to be: we're either gonna fail the retest of the bottom support of the yellow buy zone #1 and plummet to buy zone #2 (not marked on this chart to keep it tidy. check the old one if you want to see it.) or bust out of the channel and turn bullish again.
Wait for signs of a breakout in this scenario. We're literally right there.
TP is marked on the chart. SL below current buy zone. We've seen 2 successful retests that haven't faltered below the buy zone, the chances of having a retest fall far below it and correct are slim.
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“If you wish to control others you must first control yourself” -Miyamoto Musashi
--
I'm a guy that you don't know posting his ideas on the internet for the sake of improving as a human being. If you take this as financial advice, that's on you.
If you like my analysis, then leave a like and feel free to follow for more free content. Feedback, criticism and crude humor are welcome :)
Last time it was here we got a 50% bounce up to the next fib level. I suspect we could get a little higher this time as behavior has been bullish despite declining prices..
We're currently trading in a descending channel. Right at the top of the channel.
This is a nice spot to be: we're either gonna fail the retest of the bottom support of the yellow buy zone #1 and plummet to buy zone #2 (not marked on this chart to keep it tidy. check the old one if you want to see it.) or bust out of the channel and turn bullish again.
Wait for signs of a breakout in this scenario. We're literally right there.
TP is marked on the chart. SL below current buy zone. We've seen 2 successful retests that haven't faltered below the buy zone, the chances of having a retest fall far below it and correct are slim.
--
“If you wish to control others you must first control yourself” -Miyamoto Musashi
--
I'm a guy that you don't know posting his ideas on the internet for the sake of improving as a human being. If you take this as financial advice, that's on you.
If you like my analysis, then leave a like and feel free to follow for more free content. Feedback, criticism and crude humor are welcome :)
Comment:
timing or what
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