This is my first published idea, so cut me a little slack please :)
I've been waiting for SXP to break out of it's cup, and it seems like we've had a few failed opportunities over the past few weeks. However, we hit the ATH today, which was quickly rejected back down to the level right above the the left side of the cup. This tells me that we're actually entering the 'handle' stage. Exciting, gentlemen & gentleladies.
From here, we're looking for the formation of the handle. Rational thought tell us that handles typically last between 25% - 40% the total width of the cup. Unfortunately Crypto isn't rational--but we're still going to use that guidance, which would put us at a breakout of the handle between June & the first week or so of July.
What we're looking for is a breakout into the green zone on extremely heavy volume. We'll be looking for something above 150M on the daily on Binance. If we do enter the 'green zone' on heavy volume before our predicted dates, we will be taking a long position as soon as both volume breaks 150M & price breaks it's previous ATH daily close of $4.72/$4.73.
Our optimistic target will be the $8.90 area, as that would be the current height of the cup above the breakout area.
Right now I'm staying neutral, but bullish in the short to mid-term.
Hey it seems that it reached your expected price 😃. Want find out your opinion atm
thecryptoent
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@Elliden, Sorry for the delay. Daily Volume has not broken 150M on Binance as of yet, so I haven't taken a position. I can't say that it's playing out exactly as I imagined, but it's still roughly in the ranges I was forecasting. I've set a volume alert & will update you when that alert goes off.
Elliden
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@thecryptoent, what you think of the overall market at the moment? BTC seems to be going down and what other altcoins are you into?