$SXP short idea. Not looking great unless it breaks above.

BINANCE:SXPUSD   SXP / US Dollar (calculated by TradingView)
SXP has been on a steep downtrend after peaking out at $5-ish.

The hype cycle was very fast, whole CT was bullish , everyone bought in on the news that it will launch the card and it will be the next big thing on crypto and things like that.
Once the card actually came out, they gave in, and we now need to stake Bnb and (NOT SXP ), which, in my opinion justifies the short.

I'd possibly not buy this now. looks like a clean bearish retest on the compressed 4h chart. :)

I'd short it with a small capital, with stops set above the zone.

Let's see where it goes :)
Trade closed manually: It hit my stops, and even though I'm still bearish, I closed this as it did not respect the zone.


While most of the CT looks for buying opportunity, this is a different perspective. Looks superb.
+1 Reply
Bee_a_Trader rahulsinghania9121
@rahulsinghania9121, Thanks for stopping by to check this setup :)
0.618 fib retracement level at 1.338 dollars.
+1 Reply
Looks like a good trade opportunity, thanks for sharing.
+1 Reply
@anshriK, Thanks for stopping by :)
Lets get it real cheap
soon we will see Dot, Waves, kava, link, Aave, OMG and lots more, they're all gonna end up with ATH. as we can see now , at this stage Omg, link, lend and heaps more etc started slowly moving up already .
Update: I closed barely 5% of my position as I had my Take profits laddered, but lost this trade overall, as I hit the stoploss :).

On and onwards, over to the next opportunity!

P.s. If I see it holding the support, I'll look forward to buy a small amount.
michaelnguyen629 Bee_a_Trader
@Bee_a_Trader you better Buy Now. at resistance level1.7- 1.8$. i quarantee you within 4 weeks u gonna win at least 300% with Sxp ATH. look at sxp volunes % and marketcap almost 100%. 😱at 1.75$ .
gjsmr2 michaelnguyen629

But sir... you guaranteed
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